FRANKFURT (Reuters) - Commerzbank will outsource its equities trading and research business to Franco-German group ODDO BHF, the two companies said on Tuesday, a small part of Commerzbank’s broader push to cut 10,000 people from its workforce.
Executives said in February that they were seeking a deal to exit the business as part of a wider overhaul that involves closing hundreds of branches and reducing its international footprint.
“We have decided on ODDO BHF as a partner because this financial services group will contribute a high level of expertise in equity sales and trading for markets in Europe and North America,” Commerzbank management board member Michael Kotzbauer said.
Commerzbank hopes the revamp will revive its fortunes after management reshuffles and strategy flip-flops.
It has never fully recovered after a state bailout during the last financial crisis more than a decade ago and lost 2.9 billion euros in 2020.
The German lender will retain equities capital markets origination and initial public offering advisory services.
Reporting by Tom Sims; Editing by Riham Alkousaa and Carmel Crimmins
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