About: http://data.cimple.eu/news-article/333c7d3615b3a7f1d69d5cf2aaf6bb58c1ce4a928d5ec98527ef6933

Facets (new session)
Description
Metadata
Settings
- owl:sameAs
- Inference Rule:

About: http://data.cimple.eu/news-article/333c7d3615b3a7f1d69d5cf2aaf6bb58c1ce4a928d5ec98527ef6933 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

Attributes	Values
rdf:type	schema:NewsArticle
schema:articleBody	Germany's second-largest lender Commerzbank on Thursday reported a third quarter net loss of 69 million euros after provisions against a coronavirus hit economy and a restructuring that will close branches and cut jobs. Operating profit dropped nearly two-thirds to 168 million euros, weighed down by risk provisions on its loan portfolio that doubled in a year due to the pandemic. "We have a stable customer business and a strong capital position," finance chief Betina Orlopp said, adding that this "represents a good basis for future impacts arising from the coronavirus crisis". "We have paved the way for further cost savings," Orlopp added. Commerzbank, like its crosstown rival Deutsche Bank, is cutting thousands of jobs as it looks to restructure. It is shutting 200 branches as consumers pivot to contactless spending and online accounts, and cutting as many as 10,000 jobs. This resulted in 201 million euros of charges from restructuring, driving third-quarter earnings into loss. The third quarter net loss of 69 million euros compared with a profit of 297 million for the same period last year. Commerzbank also confirmed that it expects to end the year with a net loss, which would be the first since 2009. Last year, it posted a net profit of 644 million euros. The task of getting the bank back on track will fall to its new boss from the start of 2021, Manfred Knof, a defector from Deutsche Bank. He will replace Martin Zielke, who resigned in July after being criticised by its second-biggest shareholder, investment house Cerberus. edf/hmn/bmm
schema:headline	Commerzbank swings to loss on virus, restructuring charges
schema:mentions	Defection Contactless payment EDF Energy Deutsche Bank Glenn L. Martin Company Germany Pandemic Virus Coronavirus Cerberus Capital Management Manfred von Richthofen Earnings before interest and taxes Commerzbank
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-11-05 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	74 (xsd:integer)

Faceted Search & Find service v1.16.115 as of Oct 09 2023

Alternative Linked Data Documents: ODE Content Formats:

RDF

ODATA

Microdata

About

OpenLink Virtuoso version 07.20.3238 as of Jul 16 2024, on Linux (x86_64-pc-linux-musl), Single-Server Edition (126 GB total memory, 11 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software