Even if he does not let it: For Commerzbank CEO Martin Blessing there must be a belated vindication. Derision he’d have to go through after the German taxpayer had to save the second largest German Institute of collapse. Blessing was given more than once to feel the anger of shareholders because the price of the paper knew in the meantime only one direction – down. In addition, the shareholders had for years without a dividend. Reason for joy Blessing had rare.
His biggest rival, the German bank announced the other hand confidently and was felt proud to have come without outside assistance by the financial crisis. It is true that their shareholders were not very happy with the performance of their papers, but they were, after all, their dividend. Because the institute provided except Dreadnaught 2008 reliable profits
But now the tide has turned. While Blessing this Friday a billion profit for the last year’s return and the first dividend since 2007 announced, had German Bank CEO John Cryan reported a record loss of nearly seven billion euros. In addition, there should be no dividend this year and next year. High spending on litigation costs of ongoing Group restructuring and job cuts pushed the result and will ensure in the current year for heavy loads.
Cryan, leading the bank since last July, vowed his team a on hard times. Because of the reorganization of the Bank was delayed by his predecessors for too long. They balked at severe cuts and chose rather the more convenient way. They could, because the institute until then was in the black, and the often criticized Investment Banking delivered profits.
Thousands sites were deleted
Blessing, however, was forced by the crisis of the bank to a clearcut. He had taken the lead of the Bank in May 2008 by Klaus-Peter Müller, a few months before the takeover of Dresdner Bank. The Fusion just before the escalation of the financial crisis overwhelmed the institution so much that the state had to step in fresh capital with more than 18 billion euros. Blessing brought Commerzbank in subsequent years, back on track, but getting there was rocky.
He drove a strict austerity program, thousands jobs were cut, 400 stores closed. Total assets he was evaporated by more than half, the equity he nearly doubled. Under him, the bank increased from the commercial real estate, shipbuilding and State funding completely, the mortgage subsidiary Euro Hypo is therefore settled. But time and again came the institute because of its legacy in distress. At times there were even rumors that Commerzbank had to ask the government for money, a further time. Blessing himself spoke on Friday at the presentation of the annual balance sheet of a roller coaster ride.
But that is over now. “2015 was a pretty decent year,” said Blessing. His bank had “initiated early the right strategy.” Commerzbank is “weatherproof” become. The proportion of bad debts could significantly reduce the Frankfurter money home. The portfolio in the non-core assets, in which the bank has outsourced example very problematic Credits for ship financing, fell to 63 billion euros. 2012 portfolio had stood at 160 billion euros.
price of Deutsche Bank recovers
The expenses of the Bank for risk provisions were 2015 696 million Euro lower by 40 percent than last year. Settlement payments to US authorities, the bank has completed the first half, 2015. The German bank had to hand 2015 reserve € 5.2 billion for litigation
An important factor for the good performance of the bank was the private client business. The investment, which put the institution in recent years in this division to pay off apparently. Operating income increased compared to the previous year by 65 percent to 751 million euros. Around 286,000 new customers could Commerzbank win 2015 – since the end of 2012, the number thus increased by 819,000
The German bank screwed while back its retail business: try the financial institution. currently, their private customers daughter Postbank to sell, among other things. Commerzbank takes at least under Blessing but not as a buyer in question: Blessing issued speculation about a possible takeover a dissipation
Blessing, whose contract expires at the end of October. is convinced that he gives his house in good condition. “The way I feel today, so probably feels a coach who said goodbye after many years of his team,” says the 52-year-old. However, much remains to be done: The cost of the institution are still considered too high and in return, Commerzbank will not meet their demands. Blessing itself admits: “It’s not like that here the end of the work is now broken.”
At least on Friday he did everything right: the share price shall double digits on the Dax-tip.
“Today we once helped the market and the industry.” The courses: to Blessings satisfaction – In tow Also the price of Deutsche Bank recovers exchanges rustled in recent weeks almost unabated into the depths. Bank shares were among the biggest losers.
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