Germany's second biggest bank, Commerzbank is considering slashing its workforce by between 4,500 and 6,000 as the lender steps up a cost-cutting drive, according to a media report on Friday.
The daily Frankfurer Allgemeine Zeitung reported that the possible job cuts are to form part of talks next month between the partly state-owned bank and labour unions and could represent between 10 to 15 per cent of the lender's total workforce of 43,000.
The Frankfurt-based bank would not comment on the report, which the newspaper said was based on information from finance industry sources.
The report came just one day after Germany's biggest telecoms group Deutsche Telekom said it was planning to axe about 1,200 jobs in the nation.
The Bonn-based company is proposing to cut every tenth job across its administrative areas, a Telekom spokesman said.