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4-Traders Homepage  >  Equities  >  Xetra  >  Commerzbank AG    CBK   DE000CBK1001

Real-time Quote. Real-time Tradegate - 09/26 10:51:41 am
6.082 EUR   -3.51%
09/24 COMMERZBANK : Germany’s Commerzbank facing massive job cuts
09/23DJCOMMERZBANK : Eyes Cutting At Least 5,000 Jobs
09/22 COMMERZBANK : eyes thousands of job cuts in strategy revamp - source..
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Commerzbank : Germany’s Commerzbank facing massive job cuts

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09/24/2016 | 03:46pm CEST

Media reports have suggested that Germany’s Commerzbank will have to slash thousands of additional jobs to make the lender more profitable again. The cuts will be part of a larger restructuring drive. Germany’s second-largest lender would need to shed some 5,000 positions more, the “Wall Street Journal” reported in its online edition on Friday.

It said the proposed cuts would mainly hit administrative and managerial workers. Germany’s “Frankfurter Allgemeine Zeitung” had earlier reported that Commerzbank under its new CEO Martin Zielke would even have to slash at least 10,000 positions in addition to the 5,000 jobs the lender had already shed under Zielke’s predecessor, Martin Blessing.

Commerzbank was not immediately available for comments, but insiders said the supervisory board would make the details of the cuts public on September 28.

Difficult environment

In quoting its own sources, Reuters said 5,000 jobs would have to go, marking a 10-percent reduction in the lender’s overall workforce of roughly 50,000. That would match the dimension of job cuts at Germany’s biggest lender, Deutsche Bank, where some 9,000 positions are to be done away with according to current restructuring plans.

Media reports suggested that streamlining effort at Commerzbank would also include the dissolution of its current banking unit for small and medium-sized companies.

Client companies with an annual turnover of up to 5 million euros ($5.6 million) would be dealt with by the consumer banking division, while larger customers would be taken care of by the lender’s investment banking segment, the reports said.

Commerzbank has been struggling to cope with the impact of stricter regulations in the wake of the global financial crisis. In addition, the protracted period of low interests has eaten into the bank’s profits.

hg/sgb (AP, Reuters)

(c) 2016 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (€)
Sales 2016 8 834 M
EBIT 2016 1 690 M
Net income 2016 754 M
Debt 2016 -
Yield 2016 3,07%
P/E ratio 2016 11,03
P/E ratio 2017 8,92
Capi. / Sales 2016 0,89x
Capi. / Sales 2017 0,88x
Capitalization 7 894 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 7,25 €
Spread / Average Target 15%
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NameTitle
Martin Zielke Chief Executive Officer
Klaus-Peter Müller Chairman-Supervisory Board
Frank Annuscheit Chief Operating Officer
Stephan Engels Chief Financial Officer
Uwe Tschäge Deputy Chairman-Supervisory Board
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