Italy's UniCredit and Intesa Sanpaolo said on Wednesday they had joined the U.N. Net-Zero Banking Alliance (NZBA), a group of banks committed to reducing their carbon financing and investment portfolio by 2050.
Italy's UniCredit, Intesa Sanpaolo and smaller Banca Ifis said on Wednesday they had joined the U.N. Net-Zero Banking Alliance (NZBA), a group of banks committed to reducing their carbon financing and investment portfolio by 2050.
European Banks Use the Pandemic to Clean House European Banks Use the Pandemic to Clean House
Long resistant to change, Germany s Commerzbank and others are slashing jobs, closing branches and forcing customers online
published : 16 Feb 2021 at 04:00 Commerzbank plans to cut almost half of its bricks-and-mortar presence. Bloomberg
European banks are using the pandemic to make changes investors have wanted for years: slash jobs, shut branches and force customers online.
Germany s second-largest lender, Commerzbank AG, said last Thursday that it would cut a third of its domestic staff and almost half of its bricks-and-mortar presence after pressure from U.S. shareholder Cerberus Capital Management.
By Patricia Kowsmann and Margot Patrick European banks are using the pandemic to make changes investors have wanted for years: slash jobs, shut branches and force customers online. Germany s second-largest lender, Commerzbank AG, said Thursday that it would cut a third of its domestic staff and almost half of its bricks-and-mortar presence after pressure from U.S. shareholder Cerberus Capital Management. Bank mergers under way in Italy and Spain are expected to close thousands of overlapping branches. Business consulting firm Kearney predicts one-quarter of Europe s 165,000 bank branches will be gone in three years. Banks are one of Europe s economic weak links, and they have been slow to change. Compared with U.S. peers, European banks struggle to make enough money to support lending growth. They came into the Covid-19 crisis still digesting a mountain of bad loans from the sovereign-debt crisis that started more than a decade ago.