Commerzbank Making Good Progress on Restructuring, CFO Says

The transcript discusses Commerzbank's financial performance, including an 18% revenue decline and worse-than-expected net loss. Despite this, the bank maintains its guidance, expecting revenues to be slightly above last year's. The bank is also undergoing cost-cutting and restructuring, aiming to reduce headcount by 10,000 FTEs by 2024. The German economy shows cautious recovery, with loan loss provisions expected to be under €1 billion. One-off costs have impacted the bank's turnaround plan, but measures are in place to balance these. Management changes are ongoing, but stability is expected soon.

What factors contributed to the business revenues being down by 18%?

How does the company plan to stabilize its revenues in the upcoming quarters?

What are the implications of the ongoing cost-cutting initiatives mentioned?

What is the expected impact of the labor unions on headcount reductions in Germany?

What are the key challenges faced by the bank in terms of job cuts and restructuring?

How does the bank's management perceive the current state of the German economy?

What measures is the bank taking to address one-off costs and their impact on the turnaround plan?