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Germany's second largest lender Commerzbank said on Thursday it plans to cut 9,600 jobs, or one-fifth of its workforce, by 2020 and withhold dividends to pay for a 1.1-billion-euro restructuring. Like other German banks, Commerzbank is fighting headwinds from low interest rates in the eurozone, tough regulation, intense competition, and the arrival of new digital actors on the market. Board members aim to achieve "sustainable profitability" by focusing on private and business banking customers while shrinking investment banking activities, it said in a statement.
The Latest on the conflict in Syria (all times local): 12:40 p.m. Syria's military has released a video of its new advances in the contested Syrian city of Aleppo, showing destruction and ruins in a neighborhood ...
An oil price rally fuelled by OPEC's deal to cut crude output fizzled out Thursday with analysts doubting the cartel's ability to seriously tackle a supply glut. Following a meeting that included Russia, the Organization of Petroleum Exporting Countries shocked markets Wednesday by saying it planned to trim total production by some 750,000 barrels per day. Exact details of the deal remain to be agreed and analysts said markets will now wait to see whether non-OPEC producers such as Russia, the United States and Canada will make cuts of their own.