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Commerzbank to sack 7,800 in Germany

Germany’s second largest bank, Commerzbank AG (CBKG.DE) plans to erase 7,800 jobs in Germany alone as part of a restructuring it announced last year, the Handelsblatt newspaper has reported.

This number is more than the entire staff strength of First Bank of Nigeria Plc, Nigeria’s largest bank; First Bank of Nigeria Plc has total staff strength of 7,616.

In fact, Commerzbank announced last September that it planned to cut 9,600 jobs, more than a fifth of its workforce, but trade union Verdi had said the total would actually end up being lower due to already agreed cuts and the usual process of staff attrition.

The newspaper reported that the bank informed its works council that 7,800 jobs will be cut in Germany. Commerzbank holds a nationwide network of branch offices, numerous offshore branch offices and representations in more than 50 countries globally which employs a total of 51,782 employees as of June 2014.

Citing an internal document from the works council, Handelsblatt said the cuts would affect almost every part of the bank and said more information was needed before it could engage in negotiations.

Food for thought on employment:

Looked at against the Nigerian scenario, whereas Germany’s population estimates for 2015 stood at 82,175,700, Nigeria’s own for the same period stood at 188,462,640. And, whereas First Bank was founded in 1894, Commerzbank was founded in 1870.

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