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Commerzbank plans to cut 4,000-6,000 positions by 2016

FRANKFURT -- Commerzbank, Germany's second-biggest bank, said on Thursday it is looking to ax 4,000-6,000 jobs — or about 10 percent of its workforce — by 2016.

“As part of our strategic agenda announced in November, Commerzbank is planning to invest more than 2 billion euros (US$2.7 billion) in core operations, as well as cost savings,” a bank spokeswoman told AFP.

“Overall, the bank is assuming that 4,000-6,000 jobs will be cut group-wide by 2016. The exact number will be determined in negotiations with employee representatives that are likely to start in February,” she said.

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