Commerzbank needs around 20,000 new employees
What sounds like a major personnel offensive is in fact a necessary rejuvenation: thousands of new employees are to join Commerzbank over the next few years - the majority of them in Germany.
After years of restructuring, including the elimination of thousands of jobs, Commerzbank is recruiting new employees on a grand scale. The bank will probably need "slightly fewer than 20,000 new employees" by 2034, HR Director Sabine Mlnarsky told Handelsblatt. It will be "very challenging 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 1000 euros and 3000 euros, in Germany 1500 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 characterized by reduction 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."
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Given the current situation at Commerzbank, finding sufficient staff will be a significant challenge due to the ongoing staff shortage in the labor market. To meet their recruitment goals, Commerzbank plans to recruit around 2,000 new employees annually, with half of them being based in Germany, while the other half will be at foreign locations like Lodz, Prague, Sofia, and Kuala Lumpur. Despite the need for 20,000 new employees over the next few years, banks like Commerzbank are facing stiff competition in the market for talent, especially in Germany.
Source: www.ntv.de
