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Commerzbank targets 2 million new customers while cutting staff
September 30, 2016 / 9:16 AM / in a year

Commerzbank targets 2 million new customers while cutting staff

FRANKFURT, Sept 30 (Reuters) - Commerzbank on Friday said it aimed to add 2 million retail and small business customers over the next four years, as it pushes ahead with a revamp that will see it slash thousands of jobs.

Germany’s second biggest lender said its new customer drive will be based on greater use of multi-channel banking and products such as a digital loan platform and robot-assisted asset management advice.

The lender also aims to boost its market share among small business to 8 percent from 5 percent currently, generating revenue growth of at least 1.1 billion euros ($1.2 billion) by end-2020, it said in a statement.

Commerzbank on Thursday unveiled the outlines of a revamp, including plans to slash nearly 10,000 jobs or more than a fifth of its workforce, as it tries to lift profit amid negative interest rates and stiff banking competition.

It hopes greater efficiency through the revamp will generate 1.1 billion euros in cost savings by 2020.

$1 = 0.8943 euros Reporting by Jonathan Gould; Editing by Georgina Prodhan

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