Commerzbank chief exec waives €700k bonus

Sat, Feb 16, 2013, 00:00

Commerzbank’s chief executive says he is to waive his 2012 €700,000 bonus and has warned investors not to expect a dividend for 2013.

Germany’s second-biggest lender, which got an €18 billion government bailout, said this year’s earnings would take a hit from a slowing economy and charges for cost cuts in its drive to become more resilient.

“The current year will not be an easy year,” chief executive Martin Blessing said yesterday, adding that a dividend payment for 2013 was unlikely. “Strengthening our capital will continue to be our priority.”

Cut-throat competition and shrinking margins are forcing lenders across Europe to review their business. UBS in Switzerland is firing 10,000 bankers, Barclays is axing at least 3,700 jobs and Germany’s Deutsche Bank is cutting 2,000 positions. – (Reuters)