Reported about 11 hours ago
Commerzbank announced a significant strategy update, including the elimination of 3,900 jobs mainly in Germany, aiming to counter UniCredit's merger attempts. The bank plans to maintain its workforce at 36,700 by hiring abroad, targets a net profit of 3.8 billion euros by 2027, and aims for a cost-to-income ratio of 53%. Additionally, it has earmarked 700 million euros for restructuring costs in 2025 and plans a 100% payout ratio from 2026 to 2028.
Source: YAHOO