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3 Min Read FRANKFURT (Reuters) - 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. FILE PHOTO: A company logo is pictured at the headquarters of Germany s Commerzbank AG in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski/File Photo The bank also announced that it would post a net loss of nearly 2.9 billion euros ($3.5 billion) for 2020, compared with a profit of 585 million euros a year earlier. The bank’s management team hopes the revamp will revive the fortunes of the partly state-owned lender, which has struggled to boost profits amid executive reshuffles and strategy zig-zags. The bank has never fully recovered after a state bailout during the last financial crisis more than a decade ago.

Paul simaoPatricia uhligArno schuetzeTom simsAndreas thomaeThomson reuters trust principlesDeutsche bankChief executive manfred knofThomson reuters trustபால் சீமாோஅர்னோ ஸ்சுெதிஜெடோம் சிம்ஸ்ஆண்ட்ரியாஸ் தோமாதாம்சன் ராய்ட்டர்ஸ் நம்பிக்கை ப்ரிந்ஸிபல்ஸ்டாய்ச் வங்கிதாம்சன் ராய்ட்டர்ஸ் நம்பிக்கை