Commerzbank must pay bonuses to 10 bankers in Singapore at its now-defunct Dresdner unit, who claimed the lender breached their contracts by refusing to pay, a judicial official ruled.
Commerzbank Corporates & Markets (C&M) is the integrated Corporate and Investment Banking division of Commerzbank AG, providing corporate and institutional clients with a comprehensive range of commercial and investment banking products.
Commerzbank offices in Germany were raided by prosecutors investigating whether life insurance policies were used to evade tax.
Commerzbank, the bank that plans to cut 5,200 jobs by 2016, said two executives will leave its management board as part of the reductions.
Commerzbank posted a 15 percent rise in quarterly net profit as it set aside less cash to cover ailing loans held in its restructuring division, saying the strategic overhaul of the group was on track.
The chief executive of Commerzbank said Germany's second largest lender should not remain independent at all costs, a German newspaper reported.
BNP Paribas has ruled out big takeovers like Commerzbank as it builds its presence in specialised banking businesses in Germany over the next three years, the French lender's CEO said on Wednesday.
The urge to merge ?
Commerzbank, the German bank forced into an $24bn state bailout, said second-quarter profit slumped 84% as it set aside more cash for risky loans.
Commerzbank has reached an agreement with BNP Paribas on the sale of its 'Depotbank' business.
German Finance Minister Wolfgang Schaeuble has spoken to the chairman of UBS about the possibility of the bank buying the government's remaining stake in Commerzbank.
Commerzbank has had a torrid time of it in the last few years. A record annual loss in 2003, followed by the shake up of its investment banking unit a year later. The unit significantly shrunk its London presence, closed its prop trading desks, cut back in New York, and pulled out of Toyko. Some staff were even said to have been canned over a internal TV hook-up! Commerzbank became known as the 'comedy bank' to staff and outsiders alike. But very few are laughing now.
A couple of years back, we undertook a poll of our readers to find out what they thought were the worst bank mergers of all time.
Commerzbank Corporates & Markets has announced the hire of Christoph Thierolf as Head of its Mergers and Acquisitions business.
Commerzbank Corporates & Markets has announced it has hired Andrew Readinger as Global Head of Financial Institution Sales and promoted Thomas Deppe to Global Head of Corporate Sales.
Yep, that 'brash, suited FT-carrying idiot' has been outed. Writing this last couple of years for the londonpaper under cover of 'City Boy', he has now revealed his true identity. Cityboy spent the last 8 or so years of his City career at Dresdner Kleinwort, where he was a top-rated research analyst.
The largest ever number of the City's fiercest competitors took to the streets of the capital on Thursday night for the Bloomberg Square Mile Relay - the ultimate corporate relay running race - officially started this year by Olympic legend Michael Johnson.
The News of the World reports that 22-year-old 'serial gambler' Elliott Short, who was fired from his job in the City where he was training to be a trader, has won over $33m betting on horses over the last year.
The urge to merge ?
'There’s recently been an unprecedented amount of comment expressed by various parties in relation to banker bonuses, which have clearly now become something of a political ‘hot potato’.
One of our team just tried to call up a contact at HSBC Investment Bank. Using the switchboard (as usual) proved a disaster. He hung up twice because he was was fed up waiting for the phone to be answered, but managed to get through on the 19th ring on the third occasion.
Commerzbank must pay $65m to 104 bankers at its now-defunct Dresdner unit after a U.K. appeals court refused to overturn a judge’s decision that the German lender must honor its promises on bonuses.
An ex-Commerzbank director won her employment tribunal case against the German lender for firing her when it discovered she was suing her previous employer, Deutsche Bank, for sexual discrimination.
Commerzbank, Germany’s second- biggest bank, will cut 4,000 to 6,000 jobs over the next four years to reduce costs and meet a profit goal.