Commerzbank aims to cut jobs, branches after Deutsche merger fails

FRANKFURT: Commerzbank said on Friday it wanted to shed thousands of staff and close a fifth of its branches in a strategy overhaul, after the German lender's attempt to merge with Deutsche Bank failed.

The bank said the draft measures would be discussed at a meeting of the supervisory board on Sept. 25 and 26. It said no final decision had yet been taken. Klaus Nieding, vice president of shareholder lobby group DSW, said the bank needed to do more than cut costs."The big question remains how the bank wants to make money in the future," he said.The bank was ejected from the blue-chip DAX index last year, highlighting the challenge facing banks in Europe's biggest economy since the global financial crisis.

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