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CRZBF - Commerzbank - New Strategic Plan Doesn't Change My Negative View
Commerzbank AG
New strategy, old problems
As I feared, the new strategy (available here) contains downgrades to ROTE and revenue ambitions. It also marks a refocusing toward cost cutting and a step back from the previous growth agenda. None of this is positive, even if it perhaps better reflects the reality of the current Eurozone banking environment than the old targets did.
By 2023 Commerzbank now expects the following:
ROTE above 4% but only a range of 2-4% in the years 2020, 2021 and 2022. The company has also set an "upside" 2023 target of >5%