The first quarter of Commerzbank is on file, which closes with a net loss of 94 million euros, a figure still lower than the 125 million estimated by analysts. The decision to make a substantial cut in personnel (between 4.000 and 6.000 units) weighs on the accounts of the German institute: restructuring costs in the first three months of 2013 amounted to 493 million euros.
According to Commerzbank CFO Staphan Engels “2013 as a whole will see constant pressures on revenues, a slight increase in provisions for bad loans and an increase in investment costs”. The German bank is preparing to carry out a capital increase of 2,5 billion in order to comply with the capital ratio criteria imposed by Basel 3: the target for the end of 2014 is a 1% Tier 9 ratio.
