Commerzbank Sees $3.3 Billion Loss
Germany's Commerzbank said on Thursday its net loss reached $3.3 billion in Q4 as the bank continues its major structure revamp and suffers the effect of the pandemic.
The German lender additionally mentioned that it is to cut 10,000 jobs and close hundreds of branches in attempt of seeing profit in 2021.
Indeed, the restructuring could well be the last hope for the bank that still hasn’t recovered from the last last financial crisis over 10 years ago.
Commerzbank said that depending on the course of the pandemic, it expects provisions of between 800 million euros and 1.2 billion euros in 2021.
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