Plus   Neg

Commerzbank Mulls Closing Up To 200 Branches: Handelsblatt

German lender Commerzbank AG (CRZBY.PK) is considering closing around 100 to 200 branches, Handelsblatt business daily reported citing people familiar with the matter.

The bank, which is under pressure to trim costs, is likely to reduce the number of branch offices to around 800-900 from the current 1000 retail branches.

The reported move is part of its ongoing strategy reviews.

The bank's supervisory board is likely to discuss its new strategy at the end of September.

The lender recently reported a slight drop in profit in its second quarter hurt by lower revenues.

Commerzbank then said it will continue its growth strategy in 2019 and expects higher underlying revenues than in the previous year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Millennials and Generation Zs, or people aged between 18 to 34 year, pay more for car repairs, according to a new survey. The average American spent $1,986 over the past five years on vehicle repairs and maintenance, according to a survey by Ally Financial conducted by Harris Poll. However, among... Gap Inc.'s (GPS) Old Navy brand announced plans to open 800 new stores as part of its upcoming split from its parent company. "We'll almost double our fleet to 2,000 stores in North America, predominantly in under-served small markets," Old Navy CEO Sonia Syngal said. The company said the plan was... Google has launched a new website called 'Recover Together,' a resource intended to help people recover from addiction or substance use disorder. The new service was launched by the search giant in recognition of the National Recovery Month in September. Google noted that more than 23 million Americans are recovering from addiction, while 20 million are still struggling to seek treatment.
Follow RTT