Commerzbank AG announced that it is looking to axe 4,000-6,000 jobs or about 10% of its workforce by 2016. The company is also planning to invest more than EUR 2.0 billion ($2.7 billion) in core operations, as well as cost savings. 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, 2013.