Contracting at Commerzbank

With its headquarters in Frankfurt, Commerzbank is Germany’s second largest bank and has a global presence as one of the leading financial services companies. Having had a presence in Britain since 1873, Commerzbank provides services to a wide range of corporate clients in Germany, Britain and the rest of the world.

Commerzbank deals with both commercial and retail banking as well as mortgages, hedge funds, commodities trading and investment banking activity. Because of the range of activity undertaken by the bank, they are always keen to hire the best in new talent through their graduate programmes, as well as experienced and expert professionals who have risen through the ranks of the finance industry.

With over 56,000 employees around the world, Commerzbank has a mixture of corporate and business customers, requiring staff with a broad range of skills. Their UK operations are centred at their headquarters in London and there are plenty of roles available for contractors, including front line staff, finance experts and support staff working in admin, marketing, IT and other roles. For more information on the average rates you could be earning with your skill set, visit our Contractor Rate Checker hub here. 

The recruitment section of the Commerzbank website gives details of the jobs available at any given time, allowing potential candidates to search for roles by their level of experience, the job function and the region in which they would most like to work. The job portal enables you to keep your details up to date and use them to apply for any roles which match your skills and experience.

If you cannot find a vacancy that interests you, then you can also submit a speculative application to ensure that your details are kept on file for when a position becomes available. You can also set up job alerts to ensure that you receive details of upcoming positions either via email or RSS feed. The site also gives details of what Commerzbank look for in their staff and information about the application and interview process for potential candidates. Our Contractor Careers Centre, offers a range of top tips and advice on:

Commerzbank is one of the leading employers in the financial sector and have won awards for Best Employer, HR Leadership, People Development and Investors in People. Their commitment to motivating and empowering their staff is key to the way that they do business, including a range of corporate projects which aim to support local communities and promote citizenship.

Whatever your area of interest or expertise, working in the finance industry can be a rewarding and interesting career and offer plenty of scope for progression and advancement. There are plenty of recruiters who specialise in placing candidates within the finance sector, and internationally active companies such as Commerzbank are especially keen to hire people who have language skills. Agencies such as TopLanguageJobs and EuroLondon can help place candidates who are fluent in languages to find work with companies with an international presence.

Contractor take home pay - How much can you earn as a contractor?

Deciding whether to become a contractor or remain as a permenant employee can often be a tough decision for some. However many are swayed by the financial benefits of being a contractor, freelancer, consultant or interim. Whatever your title, many that make the move into contracting often make double to that of a full time employee, or even more depending on their contract.

SJD's latest contractor attitude survey, which saw over 1,000 Limited company contractors give their views and opinions on the current contractor market, saw over 90% earning more as a contractor than as a permenant employee. For further results, download our FREE contractor attitude survey here: Contractor attitude survey results - this survey has over two years worth of results which we're sure you will find both useful and interesting. 

Contracting through an umbrella company will see you take home between 60% - 65% of your contract value. This is where you essentially become an employee of the umbrella company, here you will pay both employees and employers NI. 

Contracting through your own Limited company, will see you take home around 75% - 80% of your contract value. The reason this is significantly more to that of an umbrella company is around national insurance and the Flat Rate VAT Scheme. For a more comprehensive understanding on take home pay, read our: Take home pay - Limited company or Umbrella company page. 

Advantages of going Limited

  • Contracting through your own limited company is the most tax efficient way of working, any accountant will tell you that. This is because there are more tax planning opportunites to that of an Umbrella company. 
  • As touched on earlier in this guide, contractors can easily earn double that of a permenant employee and this is mainly due to the demand for their skill sets and flexible nature of the relationship. Many positions can be relatively short-term which works in the employees favour as they do not have to pay sick leave, holiday pay or any other employee benefits.
  • As a non-limited business, personal assets can be at risk if the business fails, but this is not the case for a limited company. As the shareholder you can not be held personally liable for the debts of a limited company, meaning your personal assets are not at risk.
  • You can offset all of your business expenses against your income to further reduce your tax bill.
  • Entitled to the Flat Rate VAT scheme - The Flat Rate VAT scheme can generate thousands of pounds of extra profit a year, with most contractors choosing to apply for this VAT scheme. Read our Flat Rate VAT Scheme guide for more information.

Disadvantages of going Limited

  • Contracting can be costly if you are only contracting for a short period of time. If you decide to make the switch back to permanent employment, remember, you will be required to submit your end of year accounts. On average, we say contracting for anything less than a few months may see you benefit using an umbrell company, however but it does depend on your daily contract rate, so it is always advisable to speak to a specliast before making your decision.  
  • Running your own Limited company also means maintaining the paperwork involved running your own business. On average this can take between 15 - 20 minutes of administration work a month - however this is not much more to that of an Umbrella company, so its whether you feel you can manage the short amount of administration work required to reap the financial rewards. 

For a more detailed breakdown on the pro's and con's of going limited, visit the following page: Advantages and Disadvantages of a Limited Company

If you are ready to set up your own company or are still unsure whether contracting through a Limited Company is the best solution for you and require some further advice, why not speak to a member of our New business team on 01442 275789 or email

For all other company guides visit our Becoming a Contractor - Company Guides page here.