Commerzbank takes the next steps in restructuring

DJ Commerzbank takes the next steps in restructuring

Commerzbank Aktiengesellschaft (CZB) 
Commerzbank takes the next steps in restructuring 
01-Apr-2021 / 15:35 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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- Socially responsible reduction of 1,700 full-time equivalents by the end of 2021 through a voluntary redundancy 
programme agreed with the Central Works Council 
- Chief Human Resources Officer Sabine Schmittroth: 'This is an important step in the necessary headcount reduction' 
- Provisions totalling around EUR470 million to be booked in the first quarter 
Commerzbank is making good progress on its roadmap towards the cost reductions targeted in its strategy 2024. The Bank 
has reached an agreement with the Central Works Council on a voluntary programme for the necessary headcount reduction. 
A reduction in Germany totalling around 1,700 full-time equivalents is to be achieved through the programme by the end 
of 2021. 
'The voluntary programme is an important step in the necessary headcount reduction,' commented Sabine Schmittroth, 
Member of the Board responsible for Group Human Resources. 'We are quickly providing instruments that will already 
reduce the cost base in the coming year.' 
Under the programme, entitled employees are to be offered termination agreements from July 2021. Employees who make use 
of the voluntary programme will leave the Bank by the end of the year. 
In the first quarter of 2021, the Bank will book restructuring charges amounting to a total of around EUR470 million. The 
majority results from the voluntary programme. Further restructuring expenses are mostly booked for the restructuring 
abroad and for real estate. The Bank had announced that it is spending a total or around EUR1.8 billion for restructuring 
in the context of its strategy 2024. Including the provisions for the voluntary programme, around EUR1.4 billion have 
already been booked. 
***** 
Press contact 
Sascha Ullrich [phone] 
Erik Nebel [phone] 
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About Commerzbank 
Commerzbank is the leading bank for the German Mittelstand and a strong partner for around 30,000 corporate client 
groups and around 11 million private and small-business customers in Germany. The Bank's two Business Segments - 
Private and Small-Business Customers and Corporate Clients - offer a comprehensive portfolio of financial services. 
Commerzbank transacts approximately 30 per cent of Germany's foreign trade and is present internationally in almost 40 
countries in the corporate clients' business. The Bank focusses on the German Mittelstand, large corporates, and 
institutional clients. As part of its international business, Commerzbank supports clients with German connectivity and 
companies operating in selected future-oriented industries. Following the integration of comdirect, private and 
small-business customers benefit from the services offered by one of Germany's most advanced direct banks combined with 
personal advisory support on site. Its Polish subsidiary mBank S.A. is an innovative digital bank that serves 
approximately 5.7 million private and corporate customers, predominantly in Poland, but also in the Czech Republic and 
Slovakia. In 2020, Commerzbank generated gross revenues of some EUR8.2 billion with almost 48,000 employees. 
Disclaimer and Forward-Looking Statement 
This release contains forward-looking statements. Forward-looking statements are statements that are not historical 
facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency 
gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank 
as well as expected future financial results, restructuring costs and other financial developments and information. 
These forward-looking statements are based on the management's current plans, expectations, estimates and projections. 
They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that 
may cause actual results and developments to differ materially from any future results and developments expressed or 
implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in 
Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which 
Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, 
especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the 
implementation of its strategic initiatives to improve its business model, the reliability of its risk management 
policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking 
statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any 
revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date 
of this release. 
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ISIN:     DE000CBK1001 
Category Code: MSCU 
TIDM:     CZB 
LEI Code:   851WYGNLUQLFZBSYGB56 
Sequence No.: 96848 
EQS News ID:  1180643 
 
End of Announcement EQS News Service 
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(END) Dow Jones Newswires

April 01, 2021 09:35 ET (13:35 GMT)