Commerzbank: Board of Managing Directors adopts policy statement on the planned job cuts

• 1,800 positions to be cut in the branch business of Commerzbank AG by the end of 2015
• Operational redundancies to be avoided to the greatest possible extent

In January 2013 Commerzbank AG began talks with the employees’ representatives so as to negotiate the implementation of the strategic agenda through to 2016. The key factor for the success of the implementation of the strategic agenda is ensuring the operational stability and the ability for growth in the core business areas of the Bank. To this end, the Board of Managing Directors has adopted a policy statement on the further implementation of the strategic agenda for Commerzbank AG in Germany.

Fundamental elements of the policy statement:

• In the Branch Bank of the Private Customers business 1,800 positions are to be cut by 31 December 2015 at the latest. At the end of 2014 the Bank will sit down together with the employees’ representatives so as to commence talks on possible further necessary measures on the basis of the strategic growth objectives achieved by this point in time.
• In the Branch Bank of the Private Customers business 1,800 positions are to be cut by 31 December 2015 at the latest. At the end of 2014 the Bank will sit down together with the employees’ representatives so as to commence talks on possible further necessary measures on the basis of the strategic growth objectives achieved by this point in time.
• In the Branch Bank of the Private Customers business 1,800 positions are to be cut by 31 December 2015 at the latest. At the end of 2014 the Bank will sit down together with the employees’ representatives so as to commence talks on possible further necessary measures on the basis of the strategic growth objectives achieved by this point in time.
• Naturally, in the framework of the remodelling of the branch business the Bank will adhere to the established legal and collectively-agreed provisions. Thus, the Bank will also consistently remunerate the functions in line with the industry-wide collective agreement for the private banking sector and public banks.
• So as to ensure a socially-compatible implementation of the strategic agenda, the Bank will do everything to avoid operational redundancies to the greatest possible extent. As in past years, the Bank will realise the necessary job cuts through mutual agreements. To this end time-tested human resources instruments are to be utilised.
• Up until 31 December 2014 the Bank will not serve any notice of enforced redundancy on employees covered by German protection against dismissal insofar as a reduction of 600 full-time equivalents (FTE) has been attained domestically in Commerzbank AG by 31 December 2013.

The involvement of the Works Council, consistent compliance with all employee protection legislation, and the observation of social interests in the implementation of this strategic change process are all prerequisites for the bank for ensuring that these changes are accepted and successfully implemented by the bulk of the workforce. “We intend to send out a clear signal that the talks are fair and constructive. For this reason the Board of Managing Directors has adopted this policy statement,” says Ulrich Sieber, the member of the Board of Managing Directors of Commerzbank responsible for Human Resources, among other things.

On 8 November 2012 the Board of Managing Directors of Commerzbank presented the strategic agenda for the coming years. Among other things the Bank intends to invest more than EUR 2 billion in its business model through to 2016, while at the same time keeping its costs stable. To this end, the Bank has to increase its revenues on the one hand and to lower its costs further on the other hand. For this reason, adjustments to the material expenses and to the personnel expenses are essential.

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About Commerzbank
Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate clients as well as institutional investors the banking and capital market services they need. With some 1,200 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate clients. In 2012, it generated revenues of just under EUR 10 billion with approximately 56,000 employees on average.