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Thu 02 Feb 2009Commerzbank to drop bonuses as it braces itself for loss
COMMERZBANK YESTERDAY braced itself for a loss in 2009 as Germany’s second largest lender pledged to drop bonuses and overhaul its incentive system, following an outcry about executive pay in its home country.
The bank said a loss in 2009 would be likely on the back of rising loan loss provisions and some €2 billion in costs for the integration of Dresdner Bank.
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