Losses soar at Commerzbank
12 April 2012
COMMERZBANK has followed up last month's plans for 3,400 job cuts with quarterly figures showing savage losses. Shares in Germany's fourth-biggest bank, which is expected to shed at least 100 of its 1,300 London staff, fell 3% as traders reacted to its slide of e269m (£165m) into the red for the three months to 30 September.
The deficit was worse than expected and compared with a e518m pre-tax profit for the same three months last year. The group blamed its poor performance on stock market weakness.
It upped its provisions for possible losses on loans in the third quarter to e242m, some e101m more than a year ago and an extra e65m on the previous three months.
