The German Commerzbank has lowered its expectations for this year. Unlike earlier outlooks, the company no longer relies on revenue growth. The bank announced this in a statement. Commerzbank also confirmed the appointment of Bettina Orlopp as financial director. Orlopp is the successor to Stephan Engels who left for Danske Bank.
Commerzbank recently announced that it would cut thousands of jobs and close a number of bank branches. The financial group also steps out of several branches. Commerzbank has set aside 1.6 billion euros to structurally reduce costs. About 750 million euros of that money is invested in IT and digitization. The bank uses the rest of the euros for, among other things, staff redundancies and other interventions.
Commerzbank is forced to cut costs after weak results against a background of the weakening German economy and low interest rates. An intended merger with Deutsche Bank went wrong earlier this year.