UK markets open in 2 hours 14 minutes
  • NIKKEI 225

    28,580.57
    -241.72 (-0.84%)
     
  • HANG SENG

    29,578.74
    -580.27 (-1.92%)
     
  • CRUDE OIL

    52.36
    -0.41 (-0.78%)
     
  • GOLD FUTURES

    1,855.20
    0.00 (0.00%)
     
  • DOW

    30,960.00
    -36.98 (-0.12%)
     
  • BTC-GBP

    23,564.36
    -102.52 (-0.43%)
     
  • CMC Crypto 200

    650.26
    -26.64 (-3.93%)
     
  • ^IXIC

    13,635.99
    +92.93 (+0.69%)
     
  • ^FTAS

    3,752.00
    -34.06 (-0.90%)
     

Commerzbank reaches agreement with the Group Works Council about the planning of restructuring measures - Booking of additional provisions for restructuring measures in the years 2021 to 2024 already in the fourth quarter of 2020 (610 million euros)

·3-min read

Commerzbank Aktiengesellschaft (CZB)
28-Dec-2020 / 11:59 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

Commerzbank has reached agreement with the Group Works Council about the planning of restructuring measures. The restructuring measures are based on the resolution for the strategy Commerzbank 5.0. The Board of Managing Directors of Commerzbank then passed a resolution at its meeting today to book additional provisions for restructuring measures from 2021 to 2024 of a total of 610 million euros in the fourth quarter 2020. These are attributable to the reduction of 2,300 full-time positions. The formation of provisions is yet subject to approval by the auditor.

In the third quarter of 2020, the Bank had already formed restructuring provisions in the amount of around 200 million euros to cover various issues including a part-time retirement programme. A planned reduction of around 2,900 full-time positions results from this measure and from the provisions formed in the fourth quarter 2020.

The restructuring provisions will have a correspondingly negative impact on the net result in the fourth quarter of 2020.

****

Disclaimer
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.




Contact:
Christoph Wortig
Head of Investor Relations
Commerzbank AG
Investor Relations
Tel.: +49 69 136 - 21331
e-mail:ir@commerzbank.com


ISIN:

DE000CBK1001

Category Code:

MSCU

TIDM:

CZB

LEI Code:

851WYGNLUQLFZBSYGB56

Sequence No.:

90393

EQS News ID:

1157539


 

End of Announcement

EQS News Service

show this
show this