According to a newspaper report, Commerzbank expects massive losses in customer numbers in the course of its planned group restructuring. The management of the bank expects the loss of 1.7 million customers by 2024, reported “Welt am Sonntag”, citing the environment around the bank. The bank itself did not initially comment on the information.
According to expectations, the bank will lose around 300 million euros in income due to the customer departure by 2024, as the newspaper further reported. This should be offset by credit growth and more business with corporate and business customers as well as very wealthy private customers. Business with new customers should also help.
The institute is deep in the red, in 2020 the bottom line was a group loss of almost 2.9 billion euros. The Commerzbank boss Manfred Knof, who has been in office since the beginning of the year, has decided to make the bank profitable again with a radical restructuring.
As part of the intensified restructuring, Knof wants to close almost every second of the 790 branches and cut 10,000 full-time positions. At the end of September last year, the group still had a good 39,600 full-time positions. In addition, new pricing models are to be introduced. In this context, an increased outflow of customers was expected. The institute currently has around eleven million private and corporate customers.
According to the new boss, Commerzbank should be back in the black this year. Despite the burdens of the Corona crisis, the operating result should be positive in 2021, and then rise to 2.7 billion euros in three years. Knof wants to have a social plan for the job cuts by the beginning of May.