FRANKFURT (Thomson Financial) - The second biggest German bank, Commerzbank, said Sunday it would eliminate 9,000 full-time jobs as part of its takeover of number three Dresdner Bank.
'Nine thousand full-time positions (are) to be reduced in a socially responsible way,' as part of the deal worth around 9.8 billion euros (14.4 billion dollars), Commerzbank said in a statement.
Dresdner's troubled investment banking activities in London and Frankfurt were expected to be a main target of the cuts, press reports have said.
Commerzbank chairman Martin Blessing was quoted as saying that 'the deal will secure many attractive jobs for the long term, even though unfortunately we cannot keep all current positions.' tf.TFN-Europe_newsdesk@thomsonreuters.com wj COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.