FRANKFURT (Reuters) - Commerzbank said on Thursday it would cut 3,900 jobs and unveiled more ambitious financial targets as part of a strategy revamp designed to head off UniCredit's advances for a
Commerzbank Unveils Job Cuts and New Financial Goals Amid UniCredit Challenge
FRANKFURT (Reuters) - Commerzbank said on Thursday it would cut 3,900 jobs and unveiled more ambitious financial targets as part of a strategy revamp designed to head off UniCredit's advances for a tie-up between the German and Italian lenders.
The following are key elements of the strategy review:
* To cut 3,900 jobs, mainly in Germany and expected to takeplace by 2028 * Cuts will be accompanied by hiring outside the country,meaning the bank's full-time positions will remain steady at36,700 * Restructuring costs of around 700 million euros in 2025 * Targets net profit of 3.8 billion euros in 2027, up from aprevious target 3.6 billion euros * Aims for a cost-to-income ratio of 53% in 2027, up from aprevious goal of 54% * Seeks targeted acquisitions and strives for strategicpartnerships * Payout ratio of 100% in years 2026 to 2028(Reporting by Tom Sims and Patricia Weiss, editing by Rachel More)
