Commerzbank CEO to forgo bonus due to poor profits

Print
Email
|

Associated Press

Posted on February 15, 2013 at 6:02 AM

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.

Print
Email
|