Commerzbank job cuts could reportedly reach 5,000

As many as 5,000 jobs could be lost at Commerzbank, as Germany's second biggest lender prepares to revamp its operations, according to German daily newspaper Boersen-Zeitung.

Some of the proposals include the merging of corporate businesses with its investment section.

The bank's chief executive Martin Zielke is expected to make the case for the plan next week in a meeting of its supervisory board. Zielke only took over the position five months ago.

Commerzbank was badly affected by the global financial crisis of 2008 as it was the owner of Europe's biggest state financier EuroHypo, which was wound down as a result of the subsequent debt crisis.

The cuts will apparently focus on the restructuring of Commerzbank's medium-sized Mittlestandsbank companies.

Shares in the bank are down 35% in the year to date. It was down 0.4% in trading in Frankfurt on Friday morning.