Commerzbank aims to cut jobs, branches after Deutsche merger fails

FRANKFURT - Commerzbank said on Friday it wanted to shed thousands of staff and close a fifth of its branches in a strategy overhaul, after the German lender’s attempt to merge with Deutsche Bank failed.

Commerzbank said the strategy plan would involve investment of 1.6 billion euros , with 750 million euros going into new technology and the rest earmarked for restructuring. Klaus Nieding, vice president of shareholder lobby group DSW, said the bank needed to do more than cut costs. “The big question remains how the bank wants to make money in the future,” he said.

The sale of its 69.3% stake in mBank has a market value of more than 2 billion euros . Commerzbank said the proceeds would enable “a faster implementation of its strategy and the associated investments”.

Khashoggi

So bad

Break up the banks.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

5 things to know before the stock market opens ThursdayThe Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy. Do not put any faith or trust in Fed Chairman Powell. Stocks are poised for a major Bull Run. Gold little changed after Fed outlook disappoints Nodaddynonotnow ‼️
La source: CNBC - 🏆 12. / 72 Lire la suite »