Commerzbank In the Red After Restructuring Charges, Pandemic Provisions

Germany's Commerzbank swung to a third-quarter loss, it said on Thursday, as it dealt with fallout from the coronavirus crisis and continued a restructuring programme, Reuters reported. Germany’s No. 2 bank, which is waiting for new chief executive Manfred Knof to take the helm in January before deciding on a new strategy, confirmed earlier warnings that it was on course for a full-year loss. Its shares had tumbled around 6% by midmorning in Frankfurt after a slightly bigger than expected third-quarter loss. The shares are down around 27% this year. Finance chief Bettina Orlopp told analysts on a call that the bank would likely book further restructuring costs in the fourth quarter and warned of possible insolvencies by some clients in January. “We do not expect a tsunami of insolvencies,” she added. Read more

Location