Commerzbank is struggling with the imponderables of the Corona crisis. The state-backed bank may not be able to return to profit until 2020.
Frankfurt / Main (dpa) – Commerzbank ended the third quarter with losses. The bottom line was less than € 69 million after a profit of € 297 million a year earlier. This was announced by the Frankfurt-based MDax group.
For 2020 as a whole, the Board of Directors continues to expect losses. Among other things, the significantly higher provision for potential loan defaults in the Corona crisis and the costs of the corporate restructuring burden, also in the third quarter. Analysts assume that Commerzbank will only become profitable again in 2022.
At the institute, of which the German state has been the largest shareholder since the 2009 financial crisis, they have been arguing for months about hardening the course of austerity. In view of advancing digitization, drastic cuts are expected in the comparatively dense branch network and more job cuts.
However, key personal details had to be clarified first: CEO Martin Zielke will leave the institute at the end of the year after harsh criticism from investors, and former Deutsche Bank manager Manfred Knof will succeed him on January 1, 2021.