(Updates with depth, context, no remark from finance ministry)
FRANKFURT, Jan 29 (Reuters) – Stefan Wittmann, who sits on Commerzbank’s supervisory board as a labour consultant, said on Friday that plans to reduce 10,000 jobs had been “simply crazy”.
Wittmann’s comment, created to Reuters as the board embarks on conversations about a radical overhaul proposed by management, indicates a tense showdown is in store.
The supervisory board is owing to examine about the subsequent few times the programs that ended up designed community on Thursday by Commerzbank’s new main govt Manfred Knof. He desires a final conclusion on Feb. 3.
At stake is a person in three work opportunities in Germany at the nation’s No. 2 loan provider. The govt nevertheless owns a 15% stake right after a bailout all through the last financial crisis, and the matter of work cuts is specifically delicate in an election 12 months.
Wittmann, an formal with the Verdi labour union, reported plans to slash branches from 800 to 450 was “going in the proper direction”.
But undertaking more with fewer persons was not a recipe for accomplishment in the prolonged term, he claimed.
A spokeswoman for Commerzbank declined to remark on Wittmann’s remarks.
The German finance ministry also declined to remark on the restructuring program. (Reporting by Tom Sims further reporting by Christian Kraemer in Berlin modifying by Thomas Seythal and Maria Sheahan)