CRZBY - Commerzbank delays integration of online broker Comdirect - Bloomberg

Germany-based lender Commerzbank (OTCPK:CRZBF) (OTCPK:CRZBY) on Tuesday delayed the integration of online broker Comdirect, people familiar with the matter told Bloomberg. The push back implies the bank will have to keep 80 employees and maintain the unit's information technology systems for longer than planned, the people added. As a result, the impact will be less than 50 million euros ($57 million), according to one person, one person told Bloomberg. Meanwhile, Commerzbank stands by its cost targets for 2024, a spokeswoman from the bank told Bloomberg. Moreover, "the Comdirect project was delayed to ensure the online broker doesn’t lose value as it’s merged into the less nimble parent company," the people told Bloomberg. The lender has some other unexpected cost headwinds, including severance payments and a court verdict last year avoiding some fee increases at Germany's lenders, Bloomberg noted. Note Commerzbank is scheduled to reported to Q4 earnings on Thursday. Earlier in February,

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Commerzbank delays integration of online broker Comdirect - Bloomberg