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Commerzbank swings to loss in Q2 on weak markets, restructuring
[FRANKFURT] Commerzbank swung to a net loss in the second quarter amid weak markets and after booking job-related restructuring charges of about 807 million euros.
The 637 million euro (S$1.02 billion) net loss at Germany's second-largest lender after Deutsche Bank was greater than analysts' expectations for a loss of 584 million euros, according to a Reuters poll of banks and brokerages.
The bank said it is expecting a slightly positive net result for the financial year 2017.
"We have booked the provisions for the personnel reductions early and in full and have made further progress in the implementation of our strategy," chief executive Martin Zielke said in a statement on Wednesday.