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The announcement made by Commerzbank, Germany's second largest bank, at the end of January that 4000 to 6000 jobs would be axed by 2016 has created a great deal of tension between management and employees. Describing the measures as "unacceptable", the central works council and Verdi, the services union, have said that they would fight "with strength and determination" to keep as many jobs as possible. They also criticise the bank for its plan to put downward pressure on working and pay conditions for remaining employees. Commerzbank is not an isolated case: according to the media, several large private German banks are considering cutting staff: -1900 jobs at Deutsche Bank, -1000 jobs at HypoVereinsbank and -450 at Allianz Bank, a subsidiary of insurance provider Allianz, which is expected to close. (Ref. 130105)
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130105
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