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COMMERZBANK AG

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Commerzbank : nears deal on job cuts in talks with labour reps - sources

05/03/2021 | 05:07am EDT
FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt

FRANKFURT (Reuters) - Commerzbank is nearing a deal with labour representatives on its restructuring plan that includes 10,000 job cuts globally, people close to the matter said.

Management of Germany's second-biggest listed lender and the bank's works council have already reached an agreement in principle, they said, adding that the deal could be officially signed by the end of the week.

Spokespeople for Commerzbank and the works council declined to comment.

Commerzbank Chief Executive Manfred Knof said earlier this year that the turnaround plan would do without forced redundancies in Germany. The restructuring is instead focussing on early retirement programs.

As part of its restructuring, Commerzbank is shuttering 350 of its 800 branches in Germany and retreating from several countries.

Commerzbank hopes the revamp will revive its fortunes, as it struggles to restore profits after management reshuffles and strategy flip-flops. It has never fully recovered after a state bailout during the last financial crisis more than a decade ago and lost 2.9 billion euros ($3.5 billion) in 2020.

($1 = 0.8306 euros)

(Reporting by Patricia Uhlig; Writing by Arno Schuetze; Editing by Maria Sheahan)


© Reuters 2021
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Financials
Sales 2021 8 308 M 10 102 M 10 102 M
Net income 2021 -319 M -388 M -388 M
Net Debt 2021 - - -
P/E ratio 2021 -20,9x
Yield 2021 -
Capitalization 7 031 M 8 545 M 8 548 M
Capi. / Sales 2021 0,85x
Capi. / Sales 2022 0,85x
Nbr of Employees 47 718
Free-Float 84,4%
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NameTitle
Manfred Knof Chief Executive Officer
Bettina Orlopp Chief Financial Officer & Group Treasury
Dennis Bartel Head-Human Resources & Technology
Bernd Reh Head-Research & Press Contact
Jörg Hessenmüller Chief Operating Officer
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