Commerzbank to cut 5,200 jobs, 12 per cent of full-time staff

German lender Commerzbank will be shedding 5,200 staff, representing 12 per cent of the bank's total full-time workforce.

The bank is 17 per cent state owned, and has posted a loss of £80m for the first three months of 2013. The majority of job losses will come from Germany, where the core bank will 3,900 jobs (1,800 of which come from the retail bank).