{"id":45906,"date":"2021-08-05T13:18:18","date_gmt":"2021-08-05T05:18:18","guid":{"rendered":"https:\/\/news.outsourceaccelerator.com\/?p=45906"},"modified":"2021-08-05T13:18:18","modified_gmt":"2021-08-05T05:18:18","slug":"commerzbanks-q2-loss-due-to-restructuring-costs","status":"publish","type":"post","link":"https:\/\/news.outsourceaccelerator.com\/commerzbanks-q2-loss-due-to-restructuring-costs\/","title":{"rendered":"Commerzbank\u2019s Q2 loss due to restructuring costs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Commerzbank stated that its net second-quarter loss was caused by restructuring costs and the cancellation of its outsourcing partnership with HSBC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The German bank disclosed that its Q2 net loss amounting to 527 million euros (approximately US$625.7 million) was largely due to their restructuring expenses of 511 million euros (approximately US$604 million) and 200 million euros (approximately US$236 million) write-off for ending the outsourcing project.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The shares of the lending firm fell to the bottom of the STOXX Europe 600 Index by 5% during the morning trade in London.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bettina Orlopp, Chief financial officer of Commerzbank, said in a statement, \u201cWe have kept our Common Equity Tier 1 ratio stable despite the high one-time write-off and restructuring expenses.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Orlopp added that the bank\u2019s current stability \u201cagain proves that we have a very strong basis for the transformation, and it demonstrates that we are also able to deal with exceptional charges on our way to a sustainably profitable future.\u201d<\/span><\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2021\/08\/04\/commerzbank-earnings-q2-2021.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow external\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">Read more here.<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commerzbank stated that its net second-quarter loss was caused by restructuring costs and the cancellation of its outsourcing partnership with [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":45907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - 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