FRANKFURT, May 8 (Xinhua) -- Germany's second-largest bank Commerzbank announced on Friday that it will scale up AI spending and lay off as many as 3,000 employees.
Commerzbank disclosed its decision in a press release on its financial results for the first quarter.
"The bank anticipates that AI will enable it to free up and partially redeploy around 10 percent of its capacities," the press release said, describing AI as "important driver for efficiency and growth."
The bank's continued transformation is accompanied by a group-wide reduction of 3,000 gross positions, the press release said, adding that it plans to invest around 600 million euros (708 million U.S. dollars) in AI from 2026 to 2030.
"AI applications already in use today are increasing productivity and service quality, delivering measurable benefits for customers and employees alike," it said, noting that the AI technologies "will significantly reduce labor-intensive tasks."
Commerzbank posted a solid growth of operating profit for the first quarter this year. Standing at a record level of 1.4 billion euros (1.65 billion U.S. dollars), the Q1 operating profit is 11 percent higher than the same period last year. Net profit rose by nine percent to 913 million euros (1.08 billion dollars). ■
