Germany’s Commerzbank is, reportedly, planning to axe nearly 100 jobs in London and relocate another 340, as its focuses on foreign exchange and interest-rate trading in Frankfurt.
Quoting an internal memo to employees, Bloomberg reported that nearly half of the job cuts will be contractors and the majority of permanent staff cuts will be back-office positions.
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About 80 out of the 340 relocations are front office positions, while the bulk of the remaining 260 are IT contractors, the report said.
The relocation of 80 front-office role moves is expected to be completed by the end of this year, while relocation of about 260 back-office positions will be completed by mid-2016.
Earlier in June 2013, the lender had announced plans to slash almost 5,200 staff by 2016 to reduce costs and improve profits.
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