Bayer surprises with stable quarterly figures
At Bayer $BAYN (-0.12%) the first quarter of 2023 did not quite go according to plan, but the decline in earnings was milder than many analysts had feared. The company's pharmaceuticals division proved particularly robust and posted a positive performance despite the uncertainties caused by US tariff policy. The adjusted operating result amounted to just under 4.1 billion euros, which was more than seven percent below the previous year, but did not completely disappoint the expectations of market observers. CEO Bill Anderson was optimistic and emphasized that the possible dampening effects of higher US import tariffs should not cloud the overall outlook. On a positive note, the forecast for the pharmaceuticals business was raised, even if the customs issue remains an issue. Investors on the stock market were delighted, with Bayer shares rising by eleven percent at times, catapulting the company to become the biggest winner in the DAX. Despite challenges in the agricultural sector, Bayer maintained consolidated sales at the previous year's level of 13.7 billion euros. Nevertheless, the company continues to face legal costs running into the billions, particularly as a result of the glyphosate lawsuits in the USA.
Commerzbank focuses on socially responsible job cuts
In Germany, Commerzbank has $CBK (+2.75%) has taken a significant step towards increasing efficiency together with the works council. Around 3900 jobs are to be cut by 2028, 3000 of which will be affected as part of the "Momentum" savings and investment program. The bank has set itself the goal of making this process socially responsible. Regulations such as partial retirement, early retirement and severance payments will be used. Sabine Mlnarsky, Chief Human Resources Officer, explained that these measures are necessary in order to achieve the goals of the program in Germany in the long term. Further details on the job cuts are to be published by October. Commerzbank has set itself ambitious targets in order to maintain its independence in the face of pressure from Italy's Unicredit. While the number of employees in Germany is falling, the bank plans to keep the total number of employees stable worldwide.
Sources:
https://www.n-tv.de/wirtschaft/Pharmasparte-rettet-Bayer-den-Jahresauftakt-Anleger-erleichtert-article25764638.html
https://www.n-tv.de/wirtschaft/Commerzbank-zurrt-Plan-fuer-Stellenabbau-fest-article25768871.html
