Commerzbank: no longer expects revenue rise for 2019
(CercleFinance.com) - Commerzbank no longer expects a rise in underlying revenues in 2019, due to further deterioration of market conditions, the German lender warned late on Thursday.
Over the course of 2019, the market environment has continued to deteriorate further, the bank said, noting that the trend has been particularly clear at its corporate client business.
The warning comes as the group yesterday released the details of its new strategic program, entitled "Commerzbank 5.0," cornerstones of which were unveiled last week.
For the record, Commerzbank's restructuring comprises a total of 4,300 lay-offs, including 2,300 full-time net job cuts.
The bank also announced changes on Commerzbank's management board, with Bettina Orlopp set to succeed Stephan Engels as Chief Financial Officer by 31 March 2020 at the latest.
Commerzbank has appointed Sabine Schmittroth to replace her, with responsibility for human resources as from 1 January 2020.
The Commerzbank share reacted positively to these announcements on Friday morning, up 1.6% at 5.4 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Over the course of 2019, the market environment has continued to deteriorate further, the bank said, noting that the trend has been particularly clear at its corporate client business.
The warning comes as the group yesterday released the details of its new strategic program, entitled "Commerzbank 5.0," cornerstones of which were unveiled last week.
For the record, Commerzbank's restructuring comprises a total of 4,300 lay-offs, including 2,300 full-time net job cuts.
The bank also announced changes on Commerzbank's management board, with Bettina Orlopp set to succeed Stephan Engels as Chief Financial Officer by 31 March 2020 at the latest.
Commerzbank has appointed Sabine Schmittroth to replace her, with responsibility for human resources as from 1 January 2020.
The Commerzbank share reacted positively to these announcements on Friday morning, up 1.6% at 5.4 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.