Germany's 2nd largest bank to cut one-fifth workforce
Germany's second biggest lender Commerzbank on Thursday said it plans to cut 9,600 (over one-fifth) of its full-time positions and suspend dividend amid low interest rates, weak profits, and shifts to online banking. "We simply don't earn enough money to lead the bank sustainably and successfully", Chairman Martin Zielke said. Earlier, Deutsche Bank also announced a 10% staff cut. 