Commerzbank AG ADROTCPK - Current
Thu, Sep. 29, 6:27 AM
- Slashing more than a fifth of its workforce, Commerzbank (OTCPK:CRZBY) will cut nearly 10,000 jobs and stop paying dividends for the time being as it restructures to become profitable by 2020.
- Germany's second biggest lender expects restructuring costs of €1.1B as it combines business segments and cuts costs to offset the drag from low loan demand and negative interest rates.
Fri, Sep. 9, 4:33 AM
- Deutsche Bank (NYSE:DB) +3.5% premarket after Germany's Manager Magazin reported that the bank will pay more than $2.4B to settle mortgage cases with U.S. authorities.
- Shares in Commerzbank (OTCPK:CRZBY) are also near the top of the DAX on reports that Germany's second biggest lender is looking to radically overhaul its corporate banking business that serves small and medium sized companies.
Wed, Aug. 31, 7:14 AM
- Speaking at a Frankfurt conference, Deutsche Bank (NYSE:DB) CEO John Cryan says European banks face a "fundamental dilemma": too much competition, economic headwinds, and lower profits. There's less risk than before the financial crisis, but no money to be made.
- In Germany, too many banks means there's not enough profit to go around, meaning the industry isn't sustainable in its current form.
- As for the oft-mentioned idea of a tie-up with Commerzbank (OTCPK:CRZBY), Cryan says that's not an option for his bank. Asked whether Deutsche is looking at others in the German market, Cryan said no, he's trying to make his bank smaller.
Wed, Aug. 31, 3:32 AM
- Rumors are swirling that Deutsche Bank (NYSE:DB) explored a possible merger with rival Commerzbank (OTCPK:CRZBY) and mulled options such as reintegrating its Postbank consumer branches that were earmarked for sale.
- The considerations were "only of a theoretical nature" and at a very early stage, Germany's Manager Magazin reported, without saying where it obtained the information.
Tue, Aug. 2, 12:41 PM
- Germany's Commerzbank (OTCPK:CRZBY) tumbled nearly 9% after warning it won't hit its profit target this year, while Italy's banks fell broadly on continued investor worries about their health.
- Meanwhile, European exchange operator Stoxx is invoking its "fast exit" rule to kick Deutsche Bank (DB -3.6%) and Credit Suisse (CS -4.6%) out of its Stoxx 50 (FEZ -1.1%) index on August 8. Typically index changes are made just once a year, but the performance of the two has been so horrid of late (both down about 50% in 2016) that Stoxx doesn't want to wait.
- Bloodied longs can take comfort in the fact that these sorts of things tend to happen a lot closer to the bottom than the top.
- Italy (NYSEARCA:EWI) closed with losses of 2.8%, as did Spain (NYSEARCA:EWP). Germany (NYSEARCA:EWG) lost 1.8%, as did France (NYSEARCA:EWQ).
- The Nasdaq's 1.1% decline is leading the U.S. lower, with the S&P 500 down 0.8%, and the Dow off 0.6%.
Tue, Aug. 2, 4:49 AM
Thu, Jun. 30, 5:34 PM
- Commerzbank (OTCPK:CRZBY -0.2%) will cut more than 100 jobs from its New York office amid an investment banking slowdown, The Wall Street Journal says.
- Moves to bundle activities in "centers of competence" have now come to North America, the company said.
- The cuts will mean that the German lender will outsource some clearing, and stop securities lending and its structured finance business in the U.S., while keeping dollar-denominated loans and bonds along with risk-management solutions and equity market access.
Thu, Jun. 9, 3:18 AM
- Lenders are rebelling against their central banks' negative interest rate policies, with reports suggesting Commerzbank (OTCPK:CRZBY) going so far as to weigh storing billions of euros in vaults rather than keeping them with the ECB.
- Some savings banks in Bavaria are also exploring storing physical notes and Munich Re said this year it would experiment with holding at least €10M of reserves in cash to see whether or not it was practical.
Tue, May 3, 2:54 AM
- HSBC's first-quarter earnings fell 18.2%, but beat forecasts, as the British bank grappled with its Asia strategy.
- Profits also slumped at UBS, as its wealth-management business suffered and its investment bank failed to pick up the slack.
- BNP Paribas (OTCQX:BNPQF) reported a jump in net income despite difficult markets, following lower provisions against bad retail loans and a debt valuation adjustment.
- Market turbulence and low interest rates dragged down the earnings of Commerzbank (OTCPK:CRZBY), which posted a 52% drop in Q1 net profit.
Mon, Mar. 7, 2:08 AM
- The head of Commerzbank's (OTCPK:CRZBY) retail unit is set become chief executive, succeeding one of the very last acting leaders of a European bank that tapped taxpayers during the financial crisis.
- Martin Zielke will take the reins from CEO Martin Blessing on May 1, a move that will see both of Germany's largest lenders change chief executives in less than a year.
- Commerzbank shares have plunged more than 30% over the past 52 weeks.
Fri, Feb. 12, 4:05 AM
- Commerzbank (OTCPK:CRZBY) returned to profit in Q4 and announced its first dividend since 2007 after revealing lower bad loan provisions.
- A raft of new model sales offset a Russia write-down for Renault (OTCPK:RNLSY) as the French carmaker logged a 50% jump in full year profits.
- Rolls-Royce (OTCPK:RYCEY) slashed its final dividend for 2015, but continued its restructuring efforts with a 20% cut to the top two layers of senior management.
Dec. 25, 2015, 4:50 AM
- Commerzbank (OTCPK:CRZBY) is suing four banks in the U.S., claiming that they failed to properly monitor billions of dollars in toxic MBSs acquired by the German lender before the 2008 financial crisis.
- BNY Mellon (NYSE:BK) and units of Deutsche Bank (NYSE:DB), Wells Fargo (NYSE:WFC) and HSBC (NYSE:HSBC) were named in the lawsuits.
Nov. 2, 2015, 2:24 AM
- Commerzbank (OTCPK:CRZBY) Chief Executive Martin Blessing has rejected an offer by the bank's supervisory board to extend his contract beyond October 2016, becoming the latest CEO to join an unprecedented wave of management changes at Europe's banks.
- "It is now time for me to embark on a new chapter in my professional life," he said in the statement.
- Blessing, who became CEO in 2008, was given the task of leading the bank out of the financial crisis and subsequent €18.2B bailout.
Jun. 9, 2015, 1:09 PM
- Citing the reduced prospect of government support in a times of stress, S&P cuts the credit ratings of Deutsche Bank (DB -2.4%), Royal Bank of Scotland (RBS +0.7%), and Commerzbank (OTCPK:CRZBY +0.1%) to BBB+, three notches above junk territory. Barclays (BCS +0.2%) is downgraded to A-, one notch above the other three.
- For RBS, Barclays, and Commerzbank, it was a one-notch downgrade. For Deutshce, two notches.
- Source: WSJ
May 20, 2015, 8:03 AM
- Stil needing to free up capital to comply with tougher rules, Commerzbank (OTCPK:CRZBY) has put on the block $3.8B in loan portfolios backed by real estate loans in Eastern Europe, Turkey, and Scandinavia, as well as non-performing German mortgages.
- Among those showing interest are troubled loan specialists like Cerberus, Lone Star, and Oaktree (NYSE:OAK). A deal could be sealed in June.
- Source: Reuters
Mar. 12, 2015, 12:58 PM
- “When there was profit to be made, Commerzbank (OTCPK:CRZBY +0.2%) turned a blind eye to its anti-money laundering compliance responsibilities," says New York DFS chief Ben Lawsky as the bank settles charges for $1.45B, and agrees to fire certain employees and install an independent monitor.
- Separately, the Fed announces a $200M penalty against the German lender, and is investigating whether charges should be aimed at individuals at the bank who were involved in the illegal actions.
- Previously: Bloomberg: Commerzbank near settlement with DOJ (March 10)