Commerzbank says to cut nearly 10,000 jobs, halt dividend

Commerzbank says to cut nearly 10,000 jobs, halt dividend
 

Commerzbank (CBKG.DE) on Thursday said it would cut nearly 10,000 jobs or more than a fifth of its workforce and stop paying dividends for the time being as it restructures to become profitable on a more sustainable basis by 2020.
Germany's second biggest lender said in a statement it expected restructuring costs of 1.1 billion euros ($1.2 billion) as it combines business segments and cuts costs to offset the drag from low loan demand and negative European Central Bank interest rates and as it shifts to digital banking.
The revamp will come at a heavy cost for employees as Commerzbank... read more

 
29 September 2016 in Business, Views: 33
Source: Reuters
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