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Commerzbank Revamp Mirrors Deutsche Bank’s, Minus Trading Boost

  • Lender expects $3.5 billion euro loss for 2020 amid overhaul
  • Bank lacks trading profits to offset pandemic weakness
Manfred Knof 

Manfred Knof 

Photographer: Sven Hoppe/picture alliance via Getty Images

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Commerzbank AG’s restructuring plan echoes that of its biggest rival Deutsche Bank AG, but without the latter’s debt-trading profit engine to pull it through.

The Frankfurt-based lender said late Wednesday that it expects to post a loss of about 2.9 billion euros ($3.5 billion) for 2020, reflecting lower asset values and the cost of cutting about 10,000 jobs. The loss exceeds the 2.7 billion euros that analysts had estimated, and stands in contrast to Deutsche Bank’s announcement Thursday of its first annual profit since 2014.