Hints and tips:
...This would be in addition to the €1.7bn that Commerzbank has so far paid out or provisioned for the issue....
...Knof’s pruning of costs has come as Commerzbank continues to be helped by higher interest rates....
...The German state still owns 15 per cent of Commerzbank and might not wish to sell too cheaply....
...UniCredit and Commerzbank declined to comment....
...Cerberus also sold down its stake in Commerzbank at the same time....
...Dresdner has since been folded into Commerzbank and Gallileo has been sold — first to South Korean investors in 2013 and then to CapitaLand for €356mn in 2018....
...Wirecard, which at its peak had a market capitalisation of more than €24bn and displaced Commerzbank from Germany’s premier stock market index, claimed that Senjo generated €384mn of its revenues in 2018...
...Commerzbank priced at just over half its tangible book value has surpassed the 0.35 ratio of its larger rival....
...But according to Verdi, entry-level wages in a similar division at Postbank start a little above €13 an hour, while domestic rival Commerzbank pays at least €14....
...Rajput, who joined Commerzbank in 2012, was made redundant in 2020 when Commerzbank sold its equities and commodities business to Société Générale....
...Analysts have long seen Commerzbank as a takeover candidate....
...regulators and politicians all called for consolidation in the fragmented industry with multiple combinations explored, from UniCredit buying Société Générale or Deutsche Bank absorbing its domestic rival Commerzbank...
...Since the Wirecard debacle, the firm has struggled to win any new high-profile audit client in Germany while losing several high-profile mandates including Commerzbank, KfW, DWS and Deutsche Telekom....
...Germany’s Commerzbank fell 8.5 per cent while France’s Société Générale lost 7.4 per cent. At pixel time, DB shares are showing their biggest intraday loss since the early days of the pandemic....
...The firm lost several large audit clients in the wake of the scandal, including Commerzbank, DWS and KfW, and has not won any significant new mandates recently....
...Commerzbank was among the biggest gainers, up 1.5 per cent. Deutsche Bank, however, fell 1.3 per cent....
...That weekend, German officialdom did not jam Deutsche together with Commerzbank or anyone else by way of a rescue. Deutsche shares clawed back their losses over the next few days....
...Deutsche shares closed down 8.5 per cent in European trading, while German rival Commerzbank ended 5.4 per cent down and France’s Société Générale 6.1 per cent, leaving the Stoxx 600 banks index 3.7 per...
...Commerzbank made a half-year pre-tax profit of €1.25bn compared with a €406mn loss last time....
...Shares in Commerzbank fell 5.5 per cent as jitters over the wider sector persisted following the collapse of two regional US institutions and a rescue deal for Credit Suisse in recent weeks....
...Commerzbank added that the rationing of gas would then “probably be inevitable”....
...A large shareholder dumped its holdings in Deutsche Bank and Commerzbank on Tuesday via discounted secondary placements. The shares fell about 8 per cent....
...If Credit Suisse is going bust, so, improbably, are Deutsche Bank and Commerzbank. Their CDS spreads also trade at or above highs of recent years. All banks have greater loss absorption capacity....
...For Deutsche and Commerzbank, Citi expects cost to income ratios of 73 per cent and 70 per cent respectively in 2023, among the highest in Europe....
...That may be as good as it gets for Commerzbank and its regional peers. Overall European banks reported pre-tax profits roughly a fifth above analyst expectations....
International Edition