Saturday, February 16, 2013

Commerzbank CEO to forgo bonus due to poor profits

FRANKFURT, Germany (AP) ? The head of Germany's Commerzbank says he's not asking for a bonus after a year of meager profits and no dividend for shareholders.

Martin Blessing also gave a downbeat outlook for 2013, saying it would be a year of restructuring that would cost "effort, money and time."

He said Friday earnings "will remain under pressure."

Blessing termed profit of only ?6 million ($8 million) for last year as "unsatisfactory" and told the board of directors he would not be drawing any performance-related pay. He said other top executives would get 40 percent of their bonuses.

The bank is restructuring to deal with a tough economy and regulators' demands that banks keep stronger financial buffers against losses. It is winding down its businesses in commercial real estate and ship financing.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-02-15-Germany-Earns-Commerzbank/id-81473b2f0ac247419b800c9d8c485bfd

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