Commerzbank reports Q2 loss as restructuring bites

BERLIN

Germany’s second-largest lender Commerzbank reported a net loss for the second quarter Wednesday as restructuring costs hit, but said it still expects to make a profit over the full year.

The Frankfurt-based group booked a net loss of 637 million euros ($753 million) between April and June, compared with a net profit of 215 million in the same period last year. Commerzbank loaded some 807 million euros of costs linked to job cuts onto the second-quarter result, part of its strategy for a “digital transformation” that will modernise its operations.