By , * Bank plans to axe branches* Shares up 4.8%* To finalise overhaul by Feb. 3 (Updates with details, writes through)FRANKFURT, Jan 28 (Reuters) - Commerzbank’s new chief executive, Manfred Knof, wants to cut 10,000 jobs and close hundreds of branches as part of a strategy revamp announced just weeks after he took on the top job at Germany’s second-biggest bank.The bank’s management hopes the overhaul plans revealed on Thursday will revive the fortunes of the partly state-owned group, which has struggled to boost profits amid executive reshuffles and strategy zig-zags. The has bank never...…By , * Bank plans to axe branches* Shares up 4.8%* To finalise overhaul by Feb. 3 (Updates with details, writes through)FRANKFURT, Jan 28 (Reuters) - Commerzbank’s new chief executive, Manfred Knof, wants to cut 10,000 jobs and close hundreds of branches as part of a strategy revamp announced just weeks after he took on the top job at Germany’s second-biggest bank.The bank’s management hopes the overhaul plans revealed on Thursday will revive the fortunes of the partly state-owned group, which has struggled to boost profits amid executive reshuffles and strategy zig-zags. The has bank never...WW…

By , , FRANKFURT/MANILA (Reuters) - Wirecard said on Monday that 1.9 billion euros ($2.1 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company and tarnish the reputation of Germany’s financial watchdog.The one-time investor darling is holding emergency talks with its banks, which are owed roughly 1.75 billion euros, to avert a looming cash crunch triggered by the missing money.The episode marks a dramatic turn in the fortunes of a homegrown tech firm that attracted some of the world’s biggest investors before a whistleblower...…By , , FRANKFURT/MANILA (Reuters) - Wirecard said on Monday that 1.9 billion euros ($2.1 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company and tarnish the reputation of Germany’s financial watchdog.The one-time investor darling is holding emergency talks with its banks, which are owed roughly 1.75 billion euros, to avert a looming cash crunch triggered by the missing money.The episode marks a dramatic turn in the fortunes of a homegrown tech firm that attracted some of the world’s biggest investors before a whistleblower...WW…

By , , FRANKFURT/MANILA (Reuters) - Wirecard’s chief executive quit on Friday as the German payments firm’s search for $2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial lifeline from its banks.Markus Braun, who built Wirecard into one of the hottest financial technology investments in Europe before questions over accounting saw it crash in value, leaves the firm facing a looming cash crunch and mired in allegations of fraud.Braun resigned just hours after releasing a video blaming Wirecard’s problems on fraud, saying he accepted...…By , , FRANKFURT/MANILA (Reuters) - Wirecard’s chief executive quit on Friday as the German payments firm’s search for $2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial lifeline from its banks.Markus Braun, who built Wirecard into one of the hottest financial technology investments in Europe before questions over accounting saw it crash in value, leaves the firm facing a looming cash crunch and mired in allegations of fraud.Braun resigned just hours after releasing a video blaming Wirecard’s problems on fraud, saying he accepted...WW…