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Commerzbank aims to cut jobs, branches after Deutsche merger fails

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Commerzbank said on Friday it wanted to shed thousands of staff and close a fift...

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”.

 

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Khashoggi

So bad

Break up the banks.

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