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Commerzbank To Increase Profitability Through Deep Restructuring And Comprehensive Digitalisation
Commerzbank Says To Cut Around 10,000 Jobs In Strategy Overhaul
Germany’s BaFin Says Banks Should Exercise Dividend Restraint - Wiwo
Commerzbank AG is a bank for private and corporate customers. The Bank's business segments are Private Customers, Mittelstandsbank, Central & Eastern Europe, Corporates & Markets and Non-Core Assets. The Private Customers segment comprises the Private Customers, Direct Banking and Commerz Real Group divisions. The Mittelstandsbank segment is divided into the three Group divisions: Mittelstand Germany, Large Corporates & International, and Financial Institutions. The Central & Eastern Europe (CEE) segment comprises the universal banking and direct banking activities. The Corporates& Markets consists of four main businesses: Equity Markets & Commodities; Fixed Income & Currencies; Corporate Finance, and Credit Portfolio Management. The Non-Core Assets (NCA) segment groups together the results from Commercial Real Estate, Public Finance (including Private Finance Initiatives) and Deutsche Schiffsbank (DSB) divisions.
Chairman of the Supervisory Board
Independent Chairman of the Supervisory Board
Chairman of the Management Board
Honorary Chairman of the Supervisory Board
Deputy Chairman of the Supervisory Board, Employee Representative
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Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in a 300 million euro ($364 million) hit to revenue, weekly Welt am Sonntag reported, citing sources close to the bank.
Germany's Commerzbank reported a $3.3 billion fourth-quarter loss on Thursday, sinking further into the red as it continued a major restructuring and dealt with the fallout of the COVID-19 pandemic.
Germany's Commerzbank on Thursday said that its loss deepened in the fourth quarter, as the lender undergoes a major restructuring and deals with the fall-out of the coronavirus outbreak.
Commerzbank Chief Executive Manfred Knof on Wednesday finalized plans to cut 10,000 jobs and close hundreds of branches, a radical overhaul that came a month after he took the reins of Germany's No. 2 bank.
German Finance Minister Olaf Scholz on Tuesday cautiously backed efforts to restructure and reduce costs at Commerzbank after its new CEO told staff in a memo there was no way of avoiding significant job cuts at Germany's No. 2 lender.
German Finance Minister Olaf Scholz said on Tuesday drastic reforms were being discussed at Commerzbank after its new CEO told staff in a memo there was no way of avoiding significant job cuts at Germany's No. 2 lender.
Commerzbank's new chief executive Manfred Knof told staff that there was no way to avoid a significant reduction in the number of jobs at Germany's No. 2 lender.
Stefan Wittmann, who sits on Commerzbank's supervisory board as a labour representative, said on Friday that plans to cut 10,000 jobs were "simply crazy".
Stefan Wittmann, who sits on Commerzbank's supervisory board as a labour representative, said on Friday that plans to cut 10,000 jobs was "simply crazy".
* To finalise overhaul by Feb. 3 (Updates with details, writes through)
Germany's Commerzbank will cut 10,000 jobs and close hundreds of branches as part of a strategy overhaul, a person with knowledge of the matter said on Thursday.
Commerzbank said on Wednesday that it would widen its partnership with Microsoft by putting a significant portion of its applications in the cloud over the next five years.
Commerzbank said on Wednesday that it would widen its partnership with Microsoft by putting a significant portion of its applications in the cloud. The two companies have been working together since 2018, and Commerzbank has been trying to increasingly digitize its business...
A top manager at Commerzbank told German lawmakers on Thursday the bank was a victim of fraud surrounding the collapsed payments company Wirecard, as he laid out how the lender was deceived by executives and auditors.
Just a week into the job, Commerzbank's new chief executive on Friday made a 1.5 billion euro ($1.84 billion)goodwill write-off at the German bank and raised risk provisions relating to the coronavirus pandemic.
Commerzbank said on Monday it would book 610 million euros ($744.99 million) in restructuring charges in the fourth quarter after reaching an agreement with staff on previously announced headcount reductions.
In Germany's industrial heartland, engineering firms have come up with a recipe for surviving the coronavirus pandemic.
Commerzbank appointed a new board member to oversee the German lender's corporate business on Friday after his predecessor left over differences about the division's future, the bank said on Friday.
The board member responsible for corporate customers at Commerzbank, Roland Boekhout, is stepping down just months after joining the bank amid differing views on the future of the division, the bank said on Friday.
The International Monetary Fund (IMF) has urged German bank supervisors to tell private lenders like Deutsche Bank and Commerzbank to refrain from paying dividends and doing share buybacks during the COVID-19 pandemic.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.