FRANKFURT (S&P Global Ratings) Sept. 25, 2019--S&P Global Ratings today said that Commerzbank AG's (A-/Negative/A-2) just-announced "Commerzbank 5.0" program, entailing material additional strategic measures to improve efficiency and long-term sustainability of the domestic business model and franchise, does not affect its ratings on the bank. Commerzbank has proposed about €1.6 billion of investments in IT and digitalization, reducing its 800 domestic branches by 20%, and material headcount reductions. This supports our view that the bank needs to tackle its main weakness in subpar risk-adjusted profitability in the medium term. The negative outlook captures our view that there is little room for a major setback in its multiyear strategy to strengthen its leading franchise in German corporate banking and improve the
