Commerzbank is a leading international commercial bank with branches and offices in nearly 50 countries. While Commerzbank's salespeople and traders in London and New York are fearful, insiders suggest that cutting jobs in the U.K. and the U.S. won't achieve the desired effect anyway.
It is guaranteed to cause paroxysms of fear. Learn about Commerzbank's City of London office (London, UK area). In a merger with DB, it's they who look particularly exposed, particularly if they're working outside of Germany.If you want to upset someone at Deutsche Bank or Commerzbank in the coming months, say the word, "Dresdner." Despite the third-quarter revenue upturn, Commerzbank said in its interim report on Sept. 30 that income from the fixed-income and currencies division “reflected the still difficult market conditions, leading to significantly weaker income in the first nine months of 2014 compared with the previous year.”Commerzbank said in June 2013 it plans to eliminate about 5,200 staff by 2016 to cut costs and boost profits. Commerzbank AG is planning to cut about 100 jobs in London and move another 340 as it concentrates foreign exchange and interest-rate trading in Frankfurt, where the …
Commerzbank AG was fined 37.8 million pounds ($47 million) in the U.K. for a lack of money-laundering controls at its London unit, as regulators step … Jobs; Life; About us. But they will still have the fundamental issue of high costs in their home market. Salaries posted anonymously by Commerzbank employees in London. Global banks are weighing how to adjust their fixed-income businesses as clients hold off trading amid depressed price swings and tougher regulation.“On the one hand the eliminations are cost-related, on the other hand it’s a structural issue -- fixed income was really difficult for everyone lately,” said Stefan Bongardt, an analyst at Independent Research GmbH, who recommends clients hold Commerzbank stock. "When Dresdner and Commerzbank merged, the German-based people in the investment bank didn't suffer too much, but outside Germany there were substantial cuts. Commerzbank Salaries trends. Search job openings at Commerzbank.
This is the real issue," says the Commerz credit trader. Commerzbank staff, in particular, are aware of this history. See reviews, salaries & interviews from Commerzbank employees in City of London, England. Although much has been written about the precarity of Deutsche's New York team, it's Commerzbank's salespeople, traders and investment bankers who have reason to fear a rerun of the past.
"We've been told not to talk about it," he added. Get the latest career advice and insight from eFinancialCareers straight to your inboxPlease click the verification link in your email to activate your newsletter subscription"People working in London, New York, or Asia for Commerzbank now should be very concerned," said one Commerzbank credit trader speaking off the record. Join LinkedIn today for free.
It's clear that the same thing will happen again. The relocation of 80 front-office positions from London will largely be completed by the end of 2015, and approximately 260 back-office positions will be moved by mid-2016, the memo says.Commerzbank AG is planning to cut about 100 jobs in London and move another 340 as it concentrates foreign exchange and interest-rate trading in Frankfurt, where the bank has its headquarters.The IT hub in Frankfurt will be expanded to support the larger foreign exchange and interest rate teams there and some IT positions will be relocated to central and eastern Europe as well as Singapore.The shares were up 1 percent at 11.26 euros as of 10:43 a.m. in Frankfurt, while the STOXX Europe 600 Banks Index rose 0.7 percent.The move will cut costs by bringing the trading of standardized products at Germany’s second-largest lender closer to existing IT platforms, and moving some IT jobs to cheaper locations, according to the memo.“London remains key to Commerzbank’s international operations and the investment bank’s offering to clients remains unchanged across all asset classes,” spokeswoman Margarita Thiel said in an e-mailed comment.About half of the job cuts will be contractors and the majority of permanent staff cuts will be back-office positions, according to an internal memo to employees seen by Bloomberg News.
The Financial Conduct Authority has fined Commerzbank London £37.9m for failing to have proper controls to prevent money laundering over a five-year period.