Germany: Commerzbank forgoes any layoffs by 2013

ing over the Dresdner Bank, the Commerzbank signed, on July 2, 2009, with its works council, an agreement defining the modalities for the integration of about 20,000 employees from the Dresdner Bank into the “new Commerzbank.” According to the Verdi services’ union, the bank forwent any economic layoffs until 2013, provided that its objectives of staffing cuts on a voluntary basis are achieved. (Ref. 090726)

Mark Roach, in charge of the Commerzbank at Verdi, told Planet Labor that the Commerzba