Commerzbank to Boost Profit, Cut Jobs to Fend Off UniCredit [Yahoo! Finance]
COMMERZBANK JUNGE ADR NEW (CRZBY)
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Source: Yahoo! Finance
Arno Schütze Thu, February 13, 2025 at 11:29 AM GMT+1 3 min read In This Article UNCRY CBK.DE (Bloomberg) -- Commerzbank AG vowed to increase profitability, including by cutting thousands of jobs in Germany, as Chief Executive Officer Bettina Orlopp seeks to avoid a takeover by rival UniCredit SpA. Most Read from Bloomberg Why American Mobility Ground to a Halt Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Can Portland Turn a Corner? SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says The German lender will eliminate about 3,900 roles over the coming years, mostly across support functions in Frankfurt, though headcount will remain stable as it will also hire staff, for example at its Polish subsidiary mBank. That should help lift net income to €4.2 billion ($4.4 billion) and boost the return on tangible equity, a measure of profitability, to 15% by 2028, it said
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