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Pain Spreads To Germany's Second Biggest Bank: Commerzbank Scraps Dividend, Fires 20% Of Workforce

With Deutsche Bank mercifully missing from overnight headlines for the first day in almost two weeks, it is time to bring attention to Germany's second largest bank which, as we first reported earlier in the week citing a Handelsblatt leak, confirmed it is also going through a historic rough patch. This morning, Commerzbank said it plans a wide-ranging business restructuring that includes scrapping the bank's dividend for the rest of the year, terminating nearly 10,000 jobs - roughly 20% of its workforce - and merging two large units.
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