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Commerzbank chief to forgo bonus

International

Frankfurt - 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.”

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The logo of Germany's Commerzbank is pictured next to the bank's headquarters in Frankfurt.

He said Friday earnings “will remain under pressure.”

Blessing termed profit of only e6 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. - Sapa-AP

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