News Summary: Commerzbank CEO to forgo bonus

News Summary: Commerzbank CEO Blessing says he won't take bonus for 2012 due to poor profits

The Associated Press

February 15, 2013 at 12:56 PM

NO BONUS: 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.

MIXED BLESSING: The bank is trimming costs and plans to cut up to 6,000 jobs through 2016. CEO Martin Blessing also gave a downbeat outlook for 2013, saying it would be a year of restructuring that would cost "effort, money and time."

TOUGH CONDITIONS: The bank is dealing with tough conditions for the banking industry, including low interest rates and regulators' demands that banks keep stronger financial buffers against losses.

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News Summary: Commerzbank CEO to forgo bonus

News Summary: Commerzbank CEO Blessing says he won't take bonus for 2012 due to poor profits

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