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Commerzbank is offering severance packages and
is aiming to carry out redundancies through voluntary layoffs,
the lender said.
"Fixed Income and Currencies remain an integral part of our
investment banking operations. Our offering to our clients
remains unchanged," a Commerzbank spokeswoman said.
"Offers like this enable us to react flexibly to customer demand
and market changes," she said, without confirming the precise
number of planned cuts.
The FIC unit is part of Commerzbank's investment banking
division, which altogether employs roughly 1,800 staff.
Commerzbank last year combined the sales and trading arms of its
fixed income and currencies business. The redundancies are part
of the synergies that have been identified, one of the people
familiar with the matter told Reuters.
Separately, the lender, like all investment banks, is suffering
from sluggish demand for products like interest rate hedging and
forex hedging as interest rates are at historic lows and market
volatility is also low.
In July, sources familiar with Commerzbank said the lender was
widening the scope of its cost-cutting programme and planned to
shed more than 450 jobs on top of the 5,200 already announced.
The 'fine tuning' in its fixed income and currencies division is
not part of this group-wide cost-cutting measure, the people
familiar with it said.
However, from the original job cut measure about 30 layoffs
remain to be carried out in the FIC division, bringing the total
remaining job cuts at FIC to about 100.
(Reporting by Arno Schuetze; additional reporting by Jamie
McGeever; Editing by Kirsti Knolle)
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