Commerzbank swings to quarterly loss on restructuring costs

04 August 2021 - 16:57Commerzbank saw earnings in the past quarter hit by a long series of one-off charges, undermining an otherwise solid performance and complicating efforts by CEO Manfred Knof to grow the lender.

Knof in February embarked on a restructuring that aims to restore profitability by cutting 10,000 jobs and lowering costs by a fifth. The CEO has chalked up a few successes — he has signed an agreement on the cuts with the workers’ councils and another one with Oddo to outsource equities trading — but he has also faced a number of setbacks, including unexpected expenses and turmoil in the top ranks.

Knof wants to lower expenses to €5.3bn in 2024 while increasing revenue by 6% to €8.7bn. Commerzbank initially expected the cutbacks to result in declining top line this year, but it changed the outlook to a slight expansion after rapid growth in the first quarter on the back of the global boom in capital markets.

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