Layoffs Watch '13: Commerzbank Board

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The other Germans are bidding farewell to a couple of directors, to save a few euros.

Germany's Commerzbank said Jochen Kloesges and Ulrich Sieber will leave by year end, shrinking the management board of the country's second-largest lender down to seven from nine members.

The board reduction is part of a broader restructuring drive to cut costs launched in November 2012, the bank said on Wednesday.

Completely separately, 45,730 people got the chop stateside last month, including 8,717 DealBreaker readers.

The number of planned layoffs at U.S. firms rose 13.5 percent in October on cuts in the pharmaceutical and financial sectors, a report on Wednesday showed….

The financial sector saw the second-biggest cuts, with 8,717 layoffs announced. The sector has seen the deepest downsizing so far this year, with 57,591 cuts announced since January.

Commerzbank says management board to shrink to 7 members by 2014 [Reuters]
U.S. planned layoffs rise in October: Challenger [Reuters]

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