Commerzbank , Germany’s second-largest lender after Deutsche Bank, fell into the red during the first three months of 2020 as it faced an increase in problem loans caused by the pandemic. The bank reported a loss of 295 million euros, or $320 million, in the quarter, compared with a profit of €122 million a year earlier. While revenue from interest and commissions rose because of higher demand for loans, Commerzbank quadrupled the amount it set aside to cover losses from delinquent borrowers. TUI, the world’s largest travel company, said it would cut its work force by more than 10 percent after the pandemic brought its operations almost to a standstill. TUI also owns a fleet of 150 aircraft and 18 cruise ships.

Source: New York Times May 13, 2020 04:18 UTC