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Commerzbank launches roll-out of “Strategy 2024” and plans to complete first important restructuring steps this year (11.02.2021)

Closure of a further 190 branches planned in current year

More than 80% of headcount reduction already targeted for year-end 2023

Return to positive operating profit planned for 2021, operating profit of €2.7 billion planned for 2024

Resumption of dividend payments planned for financial year 2023

CEO Manfred Knof: “We want to be sustainably profitable and shape our own destiny as an independent force in the German banking market”

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Commerzbank resolves new strategy until 2024 (03.02.2021)

Announced cornerstones of “Strategy 2024” confirmed.

Supervisory Board supports content and technical aspects of strategy proposed by Board of Managing Directors and constructively backs implementation.

Initial arrangement has been made between the employee representatives and the Board of Managing Directors on provisions for employees as well as on negotiations.

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Commerzbank to significantly increase profitability through deep restructuring and comprehensive digitalisation (28.01.2021)

Commerzbank announces cornerstones of its new strategy, resolution by Board of Managing Directors planned for 3 February 2021

Overall headcount reduction of 10,000 full-time equivalents (FTEs) intended

Reduction of number of branches to 450

Reduction of cost base by €1.4 billion targeted for 2024 compared with 2020

Return on Tangible Equity (RoTE) of 6.5% to 7% targeted for 2024

CEO Manfred Knof: “We will focus on our strengths and consistently restructure.”

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European Cloud User Coalition (ECUC) established - European financial institutions initiate cooperation to ensure long-term compliant public cloud ecosystem (27.01.2021)

The European Cloud User Coalition is established to strengthen the public cloud ecosystem for the entire European financial industry

Primary objective is to develop a joint position on common challenges and solutions with Cloud Services Providers

As a first step the ECUC will publish a Paper where these challenges are identified

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Commerzbank expects to fully write off existing goodwill of around €1.5bn and a negative risk result of at least €1.7bn (08.01.2021)

Goodwill write-off has no effect on regulatory capital.

Manfred Knof: “After this balance sheet clean-up, we are well prepared for the road ahead of us. Our goal is to make the bank more profitable in the long-term”

Bettina Orlopp: “By increasing our risk result we are responding to the ongoing Corona pandemic and feel well prepared for further developments this year”

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Annual Press Conference 2021

The recording (German language) is available on 11 February from 10:30 -12:00 CET. Afterwards, you may find the recording here.

The transmission took place on 11 February from 10.30 - 12.00 am.

Click here to open the recording of the event.

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