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

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rdf:type	schema:NewsArticle
schema:articleBody	Germany's second-largest lender Commerzbank on Thursday reported sliding profits for 2019, as costs for job cuts linked to its restructuring weighed on the bottom line. Net profits dropped over 25 percent to 644 million euros ($701 million), the Frankfurt-based Commerzbank said, although it was able to make a slight improvement in operating profits. Severance charges for some 4,300 employees worldwide struck especially in the final three months of 2019, as the group slashed its payroll to just over 40,000 people. After a failed bid early last year to merge with crosstown rival Deutsche Bank, Commerzbank is pressing ahead with restructuring and with digitising more of its internal processes. The lender added almost half a million new retail and business clients last year, hoping the bigger base will make for fatter profits when eurozone interest rates eventually rise. Meanwhile it was able to increase slightly the capital buffer regulators require of banks to withstand financial shocks. "Our strong capital ratio... provides us with more flexibility in the implementation of our strategy and for focused growth," chief financial officer Bettina Orlopp said in a statement. With profits weaker, Commerzbank trimmed its dividend this year, to 15 euro cents per share. Looking ahead to 2020, it expects revenues "at least at the level of 2019", while costs will be inflated by modernisation of its IT systems. Bosses hope selling off Polish subsidiary mBank will cover the expenses, although according to German media only one prospective buyer is so far in the running. jpl/tgb/ach
schema:headline	Restructuring and job cuts hit profits at Commerzbank
schema:mentions	Jet Propulsion Laboratory Outsourcing Eurozone Dividend Chief financial officer Deutsche Bank Germany Capital adequacy ratio MBank Bettina Bush Commerzbank
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-02-13 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)

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