The Corona-crisis and low interest rates increase the pressure on the loss-making Commerzbank. “We need to come at the cost of reduction in advance. We can’t afford a standstill,” said chief financial officer Bettina Orlopp on Thursday at the presentation of the quarterly results. From July to September, the strong small and medium-sized firms-customer-oriented Commerzbank made a loss of 69 million Euro, due to a higher Provision for credit losses and conversion costs. In the prior-year period, the Bank had made a profit of 297 million euros.
Chief financial officer Orlopp also warned because of renewed restrictions in the fight against the pandemic from further charges in the fourth quarter. You can expect to continue with the red Numbers in the total year.
The poor Outlook frightened the investors. With a Minus of more than seven percent, the Commerzbank shares were in the afternoon is the biggest loser in the next value of the index M-Dax. For almost a year, the Bank plans to cope with austerity, the supposed to be last summer. However, the leadership crisis crippling the Bank: it is Only when the new chief Manfred Knof is on Board, can fall important decisions.
In July, Chairman of the Board Martin Zielke and Chairman of the Supervisory Board Stefan schmittmann had gone after the fierce criticism of the major shareholder, Cerberus. In September, customers chef Michael almond cast then as well. Orlopp, who was traded as a candidate for the Zielke successor, wants to remain in his own words on Board. “I’m actually very happy as a CFO,” she said in a telephone conference. She is looking forward to working with Knof, the coming of the year of the Deutsche Bank.
The new Chairman of the Board, a lot of work is waiting. He should not only drive forward the radical reconstruction of the Commerzbank, also for the revenue loss, he needs to find a solution. In the third quarter, the group revenues declined slightly, to two billion Euro, while the Provision for credit losses doubled to 272 million euros more than. In addition, the closure of 200 of the 1000 branches and offices charged to the Bank’s reduction of 200 million Euro.
