Banks – Frankfurt am Main – Commerzbank presents interim results: quarterly profit expected – economy
Frankfurt / Main (dpa) – After deep red figures in the second quarter, Commerzbank is likely to have made up ground again in recent months. Analysts calculate the bottom line with a profit of around 250 million euros for the period July up to and including September. For the full year 2021, however, the experts still expect red numbers. The Frankfurt-based MDax Group will present the interim balance sheet for the third quarter this Thursday (7:00 a.m.).
The money house, which had long stuck to its close-knit branch network, is radically changing its direction under the CEO Manfred Knof, who has been in office since January. By the end of 2024, the number of full-time positions across the group is to be reduced from around 39,500 to 32,000. The branch network in Germany will quickly be halved from 790 to 450 locations.
Knof has described the three-year restructuring of the company as a “marathon”. The German state, which has been the largest shareholder in the institute with a current 15.6 percent stake since the rescue of Commerzbank with tax billions in the financial crisis of 2008/2009, also needs staying power. The package of shares once cost 5.1 billion euros. According to the federal government, the federal government would have to achieve around 26 euros per share in order to end the commitment without a loss. Most recently, the paper was quoted at just over 6 euros.
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