Arab Today, arab today commerzbank sees q1 net loss due to restructuring costs
Last Updated : GMT 18:11:14
Arab Today, arab today
Arab Today, arab today

Commerzbank sees Q1 net loss due to restructuring costs

Arab Today, arab today

Arab Today, arab today Commerzbank sees Q1 net loss due to restructuring costs

Frankfurt - AFP

Germany's second-biggest bank Commerzbank said Friday that restructuring costs likely pushed it into the red in the first three months of this year. "Commerzbank started solidly in the first three months of 2013 in operational terms," the group said in a statement released at its annual shareholders meeting. "The first quarter of 2013 will -- as already announced -- be affected by one-off effects due to the planned job cuts. Restructuring expenses of almost 500 million euros ($653 million) were booked, accordingly. From today's perspective, the bank therefore expects a net loss for the first quarter of 2013." Commerzbank has said it will axe 4,000-6,000 jobs -- or more than one in 10 of its workforce -- over the next three years as it tots up the toll from the financial and sovereign debt crisis. Up to 3,400 jobs could go in Commerzbank's retail or high-street banking division, which is suffering from low profitability. Commerzbank's 2012 results were disappointing, with net profit coming out at only 6.0 million euros for the whole year compared with 638 million euros a year earlier, after heavy writedowns pushed it into the red in the fourth quarter. However, underlying earnings, as measured by operating profit, increased to 1.2 billion euros in 2012 from 507 million euros.

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