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Commerzbank deepens job cuts in toughened savings plan: sources FRANKFURT: Commerzbank, Germany's second-biggest bank, is widening the scope of its savings programme and plans to shed more than 450 jobs on top of an ongoing restructuring plan, three people familiar with the matter said.At a staff meeting last week, Commerzbank's works council representatives announced that the bank is targeting 350 jobs cuts at its finance department in Frankfurt by 2017 and 100 at sites in Duisburg and Berlin, according to people who attended the meeting."There have been signals from the board that there is more to come and that all departments of the group could be hit in the short term," one of the people said.Commerzbank, which is in the midst of a radical cost-cutting programme - its second in four years - had announced plans to shed 5,200 of its roughly 45,000 staff.It has struggled to overhaul itself since receiving an 18 billion euro ($24.2 billion) bailout following ...

Irish central bank raises 2014 economic growth forecast to 2.5pc DUBLIN: Ireland's central bank increased its economic growth forecast for 2014 to 2.5 percent from 2 percent on Monday, citing better than expected export growth underpinning a recovery beginning to firmly take hold.The economy expanded 2.7 percent in the first quarter, having been stuck in neutral for the last two years. The central bank reiterated that the economy has now broadly stabilised and domestic demand will contribute to growth this year.The government has said the ...
Commerzbank to cut over 450 more jobs in savings plan FRANKFURT: Commerzbank, Germany's second-biggest bank, is widening the scope of its savings programme and plans to shed more than 450 jobs on top of an ongoing restructuring plan, three people familiar with the matter said.At a staff meeting last week, Commerzbank's works council representatives announced that the bank is targeting 350 jobs cuts at its finance department in Frankfurt by 2017 and 100 at sites in Duisburg and Berlin, according to people who attended the ...
Commerzbank widens savings programme FRANKFURT: Commerzbank, Germany's second-biggest bank, is widening the scope of its savings programme to outsource parts of its finance department, which includes accounting, German daily newspaper Handelsblatt reported. The move would affect several hundred jobs, the newspaper said on Monday, citing financial sources. Commerzbank, which is in the midst of a radical cost-cutting programme - its second in four years - last year announced plans to shed 5,200 of its 45,000 staff, pledging to cut ...
Australia's NAB sells $1bn UK property loan portfolio MELBOURNE: National Australia Bank Ltd has agreed to sell a 625 million pound ($1.06 billion) portfolio of mostly non-performing UK commercial property loans to private equity firm Cerberus Global Investors. NAB said on Monday the sale would generate a small gain on net book value would release about 127 million pounds in capital for the group, which owns the Clydesdale and Yorkshire Banks in the United Kingdom. The UK business has been a drag on ...
RBS advised to sell majority Ulster Bank stake: Sunday Business DUBLIN: State-backed British lender Royal Bank of Scotland has been formally advised by Morgan Stanley to sell a majority stake in its Irish unit, Ulster Bank, Ireland's Sunday Business Post reported.RBS commissioned the investment bank earlier this year to advise it on potential merger opportunities for Ulster Bank, the biggest bank in Northern Ireland and the third largest in the Republic of IrelandAn announcement could be made as early as next week and could trigger ...
Moody's upgrades Portugal's debt a notch WASHINGTON: Moody's on Friday raised the debt rating of Portugal one notch to Ba1 and said it had a stable outlook, despite troubles at a major banking group.Moody's cited the Portuguese government's "comfortable liquidity position, with regained access to the public debt markets and sizeable cash buffers" as a factor in making the upgrade.The rating firm said it expected that the country's fiscal consolidation would remain on track despite unfavorable rulings by Portugal's constitutional court."This ...

 



 
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Banking Review 2013


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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln