Commerzbank Swings To Third-quarter Internet Loss Amid Pandemic, Restructuring

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FRANKFURT: Germany’s Commerzbank on Thursday stated that it swung to a third-quarter loss, because the lender undergoes a restructuring and offers with the fallout of the coronavirus outbreak.

The web lack of 69 million euros ($80.96 million) compares with a web revenue of 297 million euros a yr earlier. It’s barely worse than a consensus forecast for a 62 million euro loss.

The financial institution put aside 272 million euros in provisions for future credit score losses, up from 114 million euros a yr in the past and largely associated to the pandemic. That’s lower than analysts had anticipated.

The financial institution, which is ready for a brand new chief government to reach in January earlier than deciding on a brand new technique, has warned that it might publish a full-year loss.

The financial institution is contemplating workers cuts, department closures and streamlining of its worldwide operations as a part of its overhaul.

“We’ve paved the best way fourth additional price financial savings,” stated finance chief Bettina Orlopp.

($1 = 0.8522 euros)

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