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  ROUNDUP 2: Commerzbank relies on HSBC | News | Bit Updates
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ROUNDUP 2: Commerzbank relies on HSBC | News

Thursday, December 7th, 2017 | bitcoin updates

(New: share price development.) FRANKFURT (dpa-AFX) – The restructuring at Commerzbank continues: The securities settlement will be outsourced to a joint venture with the British bank HSBC, told the Commerzbank on Thursday in Frankfurt. This step has been expected for months. Commerzbank will hold a minority stake of 20 percent in this joint venture. Operational start is in early 2020 and the partnership is initially over ten years. The Commerzbank share climbed by one and a half percent and was thus among the best values ​​in the Dax. "In the future, we will use one of the most modern securities platforms and achieve clear cost advantages," explained Frank Annuscheit, who is responsible for business processes. According to a spokesman, according to a spokesman, 330 employees work in the planning of the "Commerzbank 4.0" conversion program, which is necessary for the changeover and medium-term expected savings. The HSBC will build a new location in Frankfurt. The affected employees would have to apply there regularly, explained the Commerzbank spokesman. Alternatively, the negotiated social plan will take hold. Against the background of low interest rates, progressive digitization and fierce competition, Commerzbank is repositioning itself with a strong focus on the classic savings and loan business. To make matters worse for the banks are currently the quiet capital markets added, which reduces the fee income. In the corporate restructuring fall under the line 7300 full-time jobs. Only this week, the negotiations with the employee representatives for a reconciliation of interests had been completed. By 2020, the institute plans to employ a permanent staff of around 36,000 full-time positions./das/stk/zb

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