Commerzbank confirms 9600 redundancies

Commerzbank AG is preparing to eliminate thousands of jobs as Chief Executive Officer Martin Zielke seeks to boost profitability at the German lender, according to Reuters.

Commerzbank recently outlined its plan to cut nearly 10,000 jobs. Zielke said he would try to avoid compulsory redundancies.

The labor representatives on Commerzbank’s supervisory board said in a statement they supported building up the bank’s core business and the need for digital operations but added that the size of the job cuts was not justified.

Redundancy is a potentially fair reason for dismissal, and occurs when an employee’s job no longer exists. This may be due to an employer needing to reduce their workforce, close the business altogether, or certain work is no longer needed.

An employee at risk of redundancy, will be eligible for certain rights such as time off to look for work, redundancy pay (statutory and/or enhanced), a notice period or a payment in lieu of notice and consultation. An employer should also give consideration to suitable alternative employment.

We regularly advise employees that are at risk of redundancy or those that have been dismissed by reason of redundancy. We also advise on exit terms, settlement agreements and tactics to maximise redundancy compensation pay.

Our employment solicitors can also help negotiate to achieve the best possible outcome.

For expert advice, please contact our employment solicitors today on 020 7956 8699 or info@rllaw.co.uk.