Thursday, September 29, 2016

Commerzbank wants to delete thousands of jobs – THE WORLD

FFrankfurt/Main – The new Commerzbank chief Executive Martin Zielke wants to lead the Institute with a harsh austerity and the crisis. By the end of 2020

want to derteilverstaatlichte Dax-stress Konzern9600 and at the same time around 2300 new jobs in growth fields create. The final decisions will meet the Board of Directors, after consultation with the Supervisory Board this Friday.

Whether there will be layoffs, has left the Institute. The Bank expects that the austerity programme will cost over the years, approximately 1.1 billion euros for severance payments. To Finance this, you have to waive the shareholders – contrary to previous plans – for the time being, on a dividend.

much of the “strategy Commerzbank 4.0″ was already in the past few days, leaked. The stock market responded soberly: Commerzbank shares issued to the communication on the new strategy of their previous gains and turned Negative.

With the tag since may, President of the management Board chief Zielke is braced against your profit loss. The Institute as the competition with the consequences of the ongoing interest is fighting lows and considerably more stringent requirements of the overseer. In the first half of the year, the Surplus fell compared with the same period last year by more than 40 percent to 372 million euros. In the past three years, the Bank had deleted Zielkes predecessor, Martin Blessing about 5000.

in the Future wants to focus Commerzbank on two business areas: private customers and corporate customers. The segments mittelstandsbank and investment banking are combined and the volatile trading evaporated business. In addition, smaller companies will look after customers in the future, from the private customer area. Thus, the Management of the risks will reduce.

Also, investments are planned. So the Bank wants to automate your tasks solid. Around 80 percent of the processes in the future should be run digital. The Management promises “significant efficiency gains”. To your compared to the industry’s extensive branch network the Institute intends to hold, in accordance with previous statements.

In the Wake of the new shrinkage rate is required to make the Bank in the balance sheet for the third quarter write-downs of around 700 million euros. Therefore, they expected in the interim balance sheet loss. For the full year, the Commerzbank expects, nevertheless, with a slight Surplus.

in the face of pressure by the low interest rates, the Bank does not expect any big jumps in revenue. The income will land in 2020 to 9.8 billion to € 10.3 billion, in 2015, there were nearly 9.8 billion. Therefore, the Bank continues to improve the profitability of the red pencil. Through the savings program, the annual cost of the least 7.1 billion, is expected to decrease to 6.5 billion euros. Thus, the ratio of the cost to revenue could fall below 66 percent.

For the case of rising interest rates, Commerzbank provides income of more than eleven billion euros. Then, the cost / income ratio could fall below 60 percent. Many analysts had criticized in recent years, the Bank had to spend more money than most of the international competitors for income.

By the conversion to strengthen the Bank’s capital cushion. After a decline in the hard core capital ratio in the second quarter to 11.5% this is an important buffer to rise against wrong were already in the third quarter. The end of the year, the Bank expects a rate of nearly 12 percent. By 2020, the value of the risk positions of the Bank in relation to shareholders ‘ equity is expected to rise to more than 13 percent.

The Commerzbank was advised after the risky Takeover of Dresdner Bank, just before the peak of the financial crisis in 2008 into a Skid. With more than 18 billion euros in tax money the state saved the Institute, until today the Federal government holds 15 percent of the Bank. The consequences of the crisis, the company recovered only slowly. In 2015, Commerzbank wrote a billion in profit and the long-time Chairman of the Board Blessing was able to say goodbye to this spring, with the first dividend since 2007. But even then wiggled the project, to repeat the billion profit in 2016, in the summer, the new boss of the group, Zielke conceded this goal.

information about the annual General meeting in 2016

Commerzbank dividend

share price Commerzbank

Commerzbank’s new chief Executive, Zielke

Commerzbank Board of managing Directors

annual and interim reports of Commerzbank

Commerzbank to Q2/2016

Commerzbank’s new strategy 29.9.2016


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