Staff shortage - Commerzbank needs almost 20,000 new employees
After years of restructuring, including the elimination of thousands of jobs, Commerzbank is recruiting new employees in a big way. The bank will probably need "slightly fewer than 20,000 new employees" by 2034, Chief Human Resources Officer Sabine Mlnarsky told Handelsblatt in an interview published online on Monday. It will be "very difficult to find enough staff in the current labor market," said the manager, who has been working at Commerzbank since January 2023. In Eastern Europe, banks are now paying bonuses of between 1,000 and 3,000 euros, in Germany 1,500 euros for each employee recruited.
"Over the next ten years, many baby boomers will retire from Commerzbank. In addition, there will be natural fluctuation, which will tend to increase," said Mlnarsky. "In order not to shrink, we need to recruit around 2,000 new employees every year - around half of them in Germany and the other half at foreign locations such as Lodz, Prague, Sofia and Kuala Lumpur. This is the only way we can keep the number of full-time positions in the Group constant at around 36,000, as planned."
Since the takeover of the ailing Dresdner Bank in the middle of the financial crisis in 2008, Commerzbank's main focus has been on cost-cutting and staff reductions. Group CEO Manfred Knof, who has been in office since the beginning of 2021, announced the reduction of 10,000 full-time positions worldwide shortly after taking office at Commerzbank.
"The past 15 years have been marked by downsizing programs. Since the takeover of Dresdner Bank in 2008, one restructuring has followed another," Mlnarsky summarized. "Now we are turning in a completely different direction. We have to address a large number of people on the labor market and develop employees - and at a rapid pace."
"Handelsblatt" interview Mlnarsky (behind paywall) Commerzbank Board of Managing Directors Commerzbank on the strategy until 2027
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- Despite the staff shortage, Commerzbank is looking to recruit staff from Frankfurt on the Main and other regions in Hesse, as well as from Eastern Europe and various international locations like Lodz, Prague, Sofia, and Kuala Lumpur.
- Banks in Eastern Europe are currently offering bonuses ranging from 1,000 to 3,000 euros for each new hire, while in Germany, banks provide a bonus of 1,500 euros per recruit.
- Sabine Mlnarsky, the Chief Human Resources Officer at Commerzbank, stated that the bank needs to recruit around 2,000 new employees every year to maintain a constant number of full-time positions at around 36,000, as part of their strategy until 2027.
- The German market is experiencing a labor market shortage, which makes it challenging for banks like Commerzbank to find enough qualified talent to meet their recruitment needs.
- Since 2008, when Commerzbank took over the ailing Dresdner Bank during the financial crisis, the bank has focused on cost-cutting and staff reductions, but now they are looking to change direction and focus on development and recruiting talent.
Source: www.stern.de
