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Frankfurt / Main (dpa) - Deep red numbers 2020 and a tough restructuring course: The new Commerzbank boss Manfred Knof has no good news in his luggage when he appears in his new role in the media for the first time today (10.30 a.m.).
Knof wants to explain what exactly is behind the savings plans and what goals the newly formed management is setting itself up to 2024.
The key data of the balance sheet for the 2020 financial year, which the Frankfurt-based MDax Group will publish in the morning (7 a.m.), are already known.
According to preliminary figures, the loss is just under 2.9 billion euros.
According to the bank, this includes 800 million of the 1.8 billion euros in expenses for restructuring the group.
The 2020 annual result will also be affected by the fact that the institute is writing off 1.5 billion euros because the businesses taken over from Dresdner Bank and the Polish MBank did not develop as well as hoped at the time.
The provision for possible setbacks as a result of the corona pandemic is also at least 1.7 billion euros higher than expected in autumn.
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It would be the highest annual loss for Commerzbank since the financial crisis.
In 2009 the deficit totaled more than 4.5 billion euros, the state saved the bank, which had recently taken over Dresdner Bank, from collapse with billions in taxes and became its largest shareholder.
Knof, who took over the management of the group on January 1, has now ordered Commerzbank to take tough austerity measures in an environment characterized by low interest rates and digitization.
10,000 full-time positions will be cut, around a quarter of the last 40,000 jobs.
In Germany, Commerzbank has almost halved the number of its branches from 790 to 450.
The institute is giving up 15 locations abroad.
All of this should reduce costs and make the bank more profitable again.
© dpa-infocom, dpa: 210210-99-385402 / 2
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Communication from Commerzbank 3.2.2021
Communication from Commerzbank on key data of the strategy January 28, 2021
Communication from Commerzbank 8.1.2021
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Communication from Commerzbank on Knof's appointment on September 26, 2020
Commerzbank annual reports
Presentation of Commerzbank strategy “Commerzbank 5.0” September 2019
Analyst estimates on Commerzbank results
Board member Commerzbank
Communication from Commerzbank on downsizing on December 28, 2020
Verdi's reaction to savings plans January 29, 2021