Commerzbank Aktiengesellschaft (CZB) 
Commerzbank posts further restructuring expenses for cost reductions 
 
28-Dec-2020 / 12:00 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*- Bank and Group Works Council have reached agreement about the planning of 
restructuring measures in the period from 2021 to 2024* 
 
*- Additional provisions resolved for the headcount reduction announced in 
2019* 
 
*- Bettina Orlopp: 'With the additional reductions, we are creating the 
basis for absolutely necessary future cost-savings'* 
 
Commerzbank has reached agreement with the Group Works Council about the 
planning of restructuring measures in the period from 2021 to 2024. These 
are based on the existing resolution for the strategy Commerzbank 5.0. The 
Board of Managing Directors of Commerzbank then passed a resolution to book 
additional provisions for restructuring measures of a total of 610 million 
euros in the fourth quarter 2020. These are attributable to the reduction of 
2,300 full-time positions. The formation of provisions is yet subject to 
approval by the auditor. 
 
'As announced, we are posting additional restructuring expenses in the 
fourth quarter. As a consequence, we are creating the basis for absolutely 
necessary future cost savings,' said Bettina Orlopp, Chief Financial Officer 
of Commerzbank. 
 
In the third quarter of 2020, the Bank had already formed restructuring 
provisions in the amount of around 200 million euros to cover various issues 
including a part-time retirement programme. A planned reduction of around 
2,900 full-time positions results from this measure and from the provisions 
formed in the fourth quarter. In September 2019, the Bank had announced a 
reduction by 4,300 full-time positions overall. 
 
The restructuring provisions will have a correspondingly negative impact on 
the net result in the fourth quarter of 2020. 
 
The bank is planning further restructuring measures as part of the new 
strategy to be announced in the first quarter of 2021. Details on this have 
yet to be worked out and decided. 
 
***** 
 
*Press contact* 
 
Maurice Farrouh +49 69 136-21947 
 
***** 
 
*About Commerzbank* 
Commerzbank is a leading international commercial bank with branches and 
offices in nearly 50 countries. The Bank's two business segments - Private 
and Small-Business Customers and Corporate Clients - offer a comprehensive 
portfolio of financial services precisely tailored to their customers' 
needs. Commerzbank transacts approximately 30% of Germany's foreign trade 
and is the market leader in German corporate banking. The Bank offers its 
sector expertise to its corporate clients in Germany and abroad and is a 
leading provider of capital market products. Its subsidiary mBank in Poland 
is an innovative digital bank. The integration of Comdirect enables 
Commerzbank to combine the services of one of Germany's most advanced online 
banks with a personal advisory offering at local level.The Bank serves 
around 11.6 million private and small-business customers nationwide and over 
70,000 corporate clients, multinationals, financial service providers, and 
institutional clients worldwide. Its Polish subsidiary mBank S.A. has around 
5.7 million private and corporate customers, predominantly in Poland, but 
also in the Czech Republic and Slovakia. In 2019, Commerzbank generated 
gross revenues of &euro8.6 billion with approximately 48,500 employees. 
***** 
*Disclaimer* 
This release contains forward-looking statements. Forward-looking statements 
are statements that are not historical facts. In this release, these 
statements concern inter alia the expected future business of Commerzbank, 
efficiency gains and expected synergies, expected growth prospects and other 
opportunities for an increase in value of Commerzbank as well as expected 
future financial results, restructuring costs and other financial 
developments and information. These forward-looking statements are based on 
the management's current plans, expectations, estimates and projections. 
They are subject to a number of assumptions and involve known and unknown 
risks, uncertainties and other factors that may cause actual results and 
developments to differ materially from any future results and developments 
expressed or implied by such forward-looking statements. Such factors 
include the conditions in the financial markets in Germany, in Europe, in 
the USA and other regions from which Commerzbank derives a substantial 
portion of its revenues and in which Commerzbank holds a substantial portion 
of its assets, the development of asset prices and market volatility, 
especially due to the ongoing European debt crisis, potential defaults of 
borrowers or trading counterparties, the implementation of its strategic 
initiatives to improve its business model, the reliability of its risk 
management policies, procedures and methods, risks arising as a result of 
regulatory change and other risks. Forward-looking statements therefore 
speak only as of the date they are made. Commerzbank has no obligation to 
update or release any revisions to the forward-looking statements contained 
in this release to reflect events or circumstances after the date of this 
release. 
 
ISIN:          DE000CBK1001 
Category Code: MSCU 
TIDM:          CZB 
LEI Code:      851WYGNLUQLFZBSYGB56 
Sequence No.:  90394 
EQS News ID:   1157541 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

December 28, 2020 06:00 ET (11:00 GMT)