Commerzbank to cut 10,000 jobs, close 340 branches

Commerzbank to cut 10,000 jobs, close 340 branches

The cuts will affect one in three jobs in Germany, the Frankfurt-based lender said in a statement

Commerzbank. Credit: Reuters Photo

Germany's second-largest lender Commerzbank said Thursday it will cut 10,000 jobs and close 340 branches by 2024 as it grapples with a switch to online banking and cashless payment options.

The cuts will affect one in three jobs in Germany, the Frankfurt-based lender said in a statement.

"As part of a wide-ranging digitalisation, the bank will substantially reduce its branch network from the current level of 790 to 450," it added.