Shipping loans force Commerzbank to large-scale layoffs

Major German shipping bank Commerzbank, also Germany's second-largest bank, will lay off close to 10,000 of the bank's total 45,000 full-time employees. Commerzbank's non-performing shipping loans are largely to blame for the bank's crisis, reports Reuters.

Photo: Commerzbank

Germany's second-largest bank, Commerzbank, finds itself in a deep crisis that is now forcing the bank to lay off close to 10,000 of its total 45,000 employees.

"We simply don't earn enough money to lead the bank sustainably and successfully into the future. And this situation will get worse if we don't do something about it," Commerzbank CEO Martin Zielke told the bank's employees according to an internal brief which Reuters has seen.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Reefer rates to peak in fall season, followed by slow decline

Rates on refrigerated containers, or reefers, have increased by 50% in the second quarter compared to the same period in 2021, with growth set to continue in the third quarter. 2023, however, will see rates slowly declining, forecasts consultancy Drewry.

Further reading

Related articles

Latest news

See all jobs