Jul 22, 2021

Commerzbank takes €200m hit from botched IT project

Commerzbank is taking a hit of more than €200m from a botched IT outsourcing project in the latest blow to the ambitious cost-cutting plans of chief executive Manfred Knof. Commerzbank said the deal would generate "Clear cost benefits" but did not disclose any financial details. Shares in Commerzbank lost 1 per cent in afternoon trading and are down 20 per cent since early June. Commerzbank said last month that it was provisioning a mid-double digit euro sum to cover the cost of reversing previous charges. A person familiar with the matter said that Commerzbank had been required to invest a significant amount of additional money into the project to rescue it.

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