Commerzbank Announces IT Project Cuts to Save 240 Million Euros in ‘01
ORGANIZATION AND MANAGEMENT
FRANKFURT--Commerzbank announced cuts in IT project spending in conjunction with the release of its second quarter and six-month results. The bank also announced the institution of a recruitment freeze across all its businesses. The hiring freeze was instituted in June.
The Commerzbank board approved a set of short-term measures in an attempt to slow escalating costs. According to the bank’s interim report, the cuts and hiring freeze are expected to save in excess of 240 million euros this year
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