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Commerzbank plans to save another 500 million euros

Commerzbank wants to save: According to a media report, the bank wants to cut costs by a further 500 million euros. It had only announced an austerity program in September. In return, many jobs should be cut.

According to a media report, Commerzbank is making good progress in its search for further savings. The consulting firm Bain & Company has identified an additional saving potential of 350 million euros, as the “Wirtschaftswoche” reported on Thursday, citing insiders. Overall, the costs are to be reduced by a further 500 million euros.

A Commerzbank spokesman did not want to comment on the numbers mentioned when requesting t-online.de. “What we can only say is that we are in the process of finding further savings potential,” he said. However, this is a process in which results are not expected until the second half of the year.

In September: savings potential of one billion euros

It was only in September last year that the bank presented its strategy on how to become profitable in the long term. In doing so, she quantified the savings volume by, among other things, cutting 2,300 jobs to one billion euros gross. The return is to be increased to more than four percent by 2023.

“We want to have saved at least 600 million euros net by 2023,” said Commerzbank spokesman t.online.de. Everything else will show up. The target was seen as too ambitious by investors and experts, and the ECB’s supervisory authorities had also warned to reduce spending more.

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