Commerz braces for cuts

The bank's FX group is part of investment banking, which is about to lose some 900 jobs globally, said Klaus-Peter Müller, chairman of the board of managing directors, in Frankfurt last week.

The bank is merging the two units into a new Corporate Markets group under corporate banking head Nicholas Teller, by March. The new model, which is aimed at making Commerz "less dependent upon the swings of the financial markets", will see the bank withdrawing from "non-profitable or loss-generating" a