Banking
Commerzbank to outsource equities business to ODDO BHF
FRANKFURT (Reuters) -Commerzbank will outsource its equities trading and research business to Franco-German group ODDO BHF, the two companies said on Tuesday, a small part of Commerzbank’s broader push to cut 10,000 people from its workforce.
Executives said in February that they were seeking a deal to exit the business as part of a wider overhaul that involves closing hundreds of branches and reducing its international footprint.
“We have decided on ODDO BHF as a partner because this financial services group will contribute a high level of expertise in equity sales and trading for markets in Europe and North America,” Commerzbank management board member Michael Kotzbauer said.
Commerzbank hopes the revamp will revive its fortunes after management reshuffles and strategy flip-flops.
It has never fully recovered after a state bailout during the last financial crisis more than a decade ago and lost 2.9 billion euros in 2020.
The German lender will retain equities capital markets origination and initial public offering advisory services.
(Reporting by Tom SimsEditing by Riham Alkousaa and Carmel Crimmins)
-
Investing3 days ago
7 Tips to Start Your Retirement Planning
-
Trading4 days ago
FBS Financial Market Analysts Forecast Gold Prices to Rise to $2,800
-
Finance4 days ago
Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”
-
Banking3 days ago
The Role of Geopolitical Tensions in Shaping Digital Banking’s Future in Emerging Markets