FRANKFURT, Feb 15 (Reuters) - Commerzbank Chief Executive Martin Blessing warned investors on Friday that the challenging economic and capital market environment will weigh on the earnings of Germany’s second-biggest lender this year.
“The current year will not be an easy year,” Blessing said, adding he expects revenues before provisions for bad loans to remain under pressure.
“2013 will be the year of change. And this change will cost energy, money and time,” Blessing said. He was referring to the bank’s planned revamp, which will involve up to 6,000 job cuts and lead to a charge of 500 million euros ($667 million) in the first quarter.
$1 = 0.7495 euros Reporting by Arno Schuetze