The bank admitted that its restructuring programme, known as CB21, is expected to capture only $600m by 2003 compared to the original $1.5m target.
Commerzbank now plans to cut 1,700 vacant positions immediately and 3,400 jobs by the end of next year. It is confident that it will not have to resort to large scale compulsive redundancies.
The bank also plans to restructure its corporate and investment banking businesses, bringing the two units more closely together.
Cost-Cutting Not Enough At Commerzbank
Germany's third biggest bank, Commerzbank, admitted last week that its cost-cutting programme was likely to generate only 40% of the savings originally envisaged.
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