About: http://data.cimple.eu/news-article/57a502544bc652e6d17fe67ad9163dd62cc2aec1d6e06f00e1908cc2

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

About: http://data.cimple.eu/news-article/57a502544bc652e6d17fe67ad9163dd62cc2aec1d6e06f00e1908cc2 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 Wednesday turned in a solid first-quarter performance, surprising markets despite the drag on profits of a major restructuring. Net profit during the first three months of 2021 reached 133 million euros ($161 million), beating the forecast of analysts polled by Factset who expected a loss of 82 million euros. "After a very good start into the year, we are looking confidently to the future despite the ongoing pandemic," said CEO Manfred Knof in a statement. The bank booked 465 million euros in restructuring costs, notably to cover staff layoffs. But it was able to slash its risk provision to 149 million euros from 326 million one year ago at the start of the coronavirus outbreak. Revenues surged 35 percent year-on-year to reach 2.49 billion euros. Chief financial officer Bettina Orlopp put the gains down to a "strong securities business" which "enabled us to largely compensate for the effects arising from the negative interest-rate environment". After net losses of 2.9 billion euros last year -- the first since 2009 -- the bank said it expected to be back in the black this year. That drive will include cutting staff levels to 32,000 by the end of 2024, down from nearly 40,000 at the end of last year. It said it had negotiated with employee representatives for a "maximally socially responsible downsizing" which would include a voluntary redundancy programme for 1,700 people this year. Its network of bank branches will be halved to about 450 sites across Germany. Like other banks, Commerzbank's earnings have been pummelled by years of ultra-low interest rates. The German government still holds an around 15-percent stake in the bank which it bailed out during the 2008-2009 financial crisis. jpl-dlc/hmn/rl
schema:headline	Commerzbank beats expectations despite costly restructuring
schema:mentions	Chief financial officer Drag queen Government debt Germany Chief executive officer Pandemic Severe acute respiratory syndrome coronavirus 2 Manfred Bettina Bush Voluntary redundancy FactSet Commerzbank Net income
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-05-12 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	70 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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, 3 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software