Commerzbank Extends Losses as CEO Zielke Eyes Jobs, Dividend
- Germany’s Handelsblatt reported overhaul plans on Monday
- Commerzbank will hold an investors day in London on Oct. 4.
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Commerzbank AG extended losses after a media report that the lender plans to eliminate 9,000 jobs and suspend dividend payments as part of an overhaul under new Chief Executive Officer Martin Zielke.
The shares declined 3.1 percent to 5.86 euros at 3:32 p.m. in Frankfurt after dropping as much as 4.4 percent on Monday. The 38-member Bloomberg Europe Banks and Financial Services Index slipped 1.3 percent. The measures will be implemented by 2020 and cost as much as 1 billion euros ($1.1 billion), Handelsblatt reported on Monday, without saying where it got the information.