1 Min Read
FRANKFURT, Sept 29 (Reuters) - Commerzbank on Thursday said it would cut nearly 10,000 jobs and stop paying dividends for the time being as it restructures to become profitable on a more sustainable basis by 2020.
Germany's second biggest lender said in a statement it expected restructuring costs of 1.1 billion euros ($1.2 billion) as it combines business segments and works to cut costs.
It said it would slash 9,600 full-time positions or about 20 percent of staff as part of the revamp but plans to add 2,300 jobs in areas where business was growing, for a net reduction of 7,300. ($1 = 0.8916 euros) (Reporting by Jonathan Gould; Editing by Victoria Bryan)