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UPDATE 1-Commerzbank ‍expects Q2 loss on restructuring costs
June 23, 2017 / 12:22 PM / 6 months ago

UPDATE 1-Commerzbank ‍expects Q2 loss on restructuring costs

* Says to book 810 mln euros of restructuring costs in Q2

* Previously saw total 1.1 bln euros of costs by end-2018

* Does not expect net loss for FY 2017 (Updates with further details, background)

FRANKFURT, June 23 (Reuters) - Commerzbank warned on Friday it would post a second-quarter loss due to high restructuring costs but said expenses related to staff reductions would be lower than previously expected.

The German bank, which is shedding staff, said in a statement it would book restructuring charges of about 810 million euros ($904 million) in the second quarter.

That is less than the 1.1 billion euros it had previously expected over the course of this year and next. It said on Friday it expected no further charges for staff cuts.

“Commerzbank is well advanced in its negoations with employee representatives concerning the implementation of its Commerzbank 4.0 strategy,” which includes the reduction of 9,600 jobs, or 20 percent of its staff.

It also said it did not expect to post a full-year net profit, despite the quarterly loss in the April-to-June period.

$1 = 0.8957 euros Reporting by Tom Sims; Editing by Maria Sheahan

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