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Commerzbank Shares Fall After Finance Minister Says Government to Shed Stake in Future

BERLIN Shares in Commerzbank fell 5 percent in Lang & Schwarz pre-market trade on Monday after Germany's Finance Minister . ....

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Commerzbank sticks to revenue target after missing estimates

Commerzbank sticks to revenue target after missing estimates
luxtimes.lu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from luxtimes.lu Daily Mail and Mail on Sunday newspapers.

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Commerzbank strikes deal with workers over job cuts

By Syndicated Content
May 7, 2021 6:27 AM
FRANKFURT (Reuters) – Commerzbank employee representatives have agreed a job reduction deal, the Verdi labour union said on Friday, paving the way for the German lender to cut 10,000 jobs globally.
The agreement is central to Chief Executive Officer Manfred Knof’s plans to streamline the nation’s second-biggest listed lender and return it to profitability.
The deal includes early retirement and reduced hours for older employees, Verdi said. It also includes severance packages and retraining programmes for employees.
Weeks after taking the job as Commerzbank’s CEO, Knof announced plans to cut 10,000 jobs and close hundreds of branches in a 1.8 billion euro ($2.2 billion) restructuring. ....

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Commerzbank Revamp Mirrors Deutsche Bank's, Minus Trading Boost

Commerzbank Revamp Mirrors Deutsche Bank’s, Minus Trading Boost
Bloomberg
2/4/2021
Steven Arons
(Bloomberg) Commerzbank AG’s restructuring plan echoes that of its biggest rival Deutsche Bank AG, but without the latter’s debt-trading profit engine to pull it through.
The Frankfurt-based lender said late Wednesday that it expects to post a loss of about 2.9 billion euros ($3.5 billion) for 2020, reflecting lower asset values and the cost of cutting about 10,000 jobs. The loss exceeds the 2.7 billion euros that analysts had estimated, and stands in contrast to Deutsche Bank’s announcement Thursday of its first annual profit since 2014.
New Chief Executive Officer Manfred Knof’s plan to take Commerzbank back to profitability involves a similar kind of cost-cutting focus that Deutsche Bank chief Christian Sewing deployed in 2019 when he slashed his workforce by a fifth. While both lenders, which held merger talks in 2019, have stru ....

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