Commerzbank cuts bonuses for 2012
Updated: Friday, 15 Feb 2013 18:06
The second biggest bank in Germany, Commerzbank, is cutting bonuses for last year as a result of "unsatisfactory net profit".
The bank says pay will be 17.2% lower than the previous year.
Martin Blessing, chief executive, is foregoing his bonus claims. The company's chairman said the move was "honourable".
The cuts follow a loss of €716m for the final three months of 2012, as well as an increase in the money set aside for bad loans.
Commerzbank received an €18 billion bailout during the financial crisis. The bank predicted Germany would return to strong growth in 2014.