Digital Transformation: Germany’s Commerzbank to Invest €1.7B into Digitizing Banking Operations, will Close Down Many Physical Branches, Lay Off Staff


Germany-based lending company Commerzbank has announced that it will be cutting around 10,000 jobs and will permanently shut down 340 branches by 2024. The company confirmed that it plans to focus more on its digital transformation strategy so that it can lower operational costs and increase its profitability.
Commerzbank, which currently employs around 50,000 professionals worldwide, stated that one out of every 3 jobs in its home market of Germany will have to go, while its physical branch network of 790 brick-and-mortar locations will be reduced to around 450.
Additionally, €1.7 billion in