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.
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.
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, the biggest loser on Germany’s benchmark DAX Index this year, has recently steepened its decline because of unfounded speculation about risks in its shipping portfolio, said Chief Financial Officer Stephan Engels.
In 'Company News', Bloomberg's Mark Barton reports on the top business stories of the day.
As part of the strategic agenda announced in November 2012, the Commerzbank will cut a total of 5,200 full-time equivalents by 2016.
Here's another firm that is said to have taken the decision to cancel the annual firm Christmas bash. And probably a wise decision too.
The urge to merge ?
Commerzbank accelerated the clean up of unwanted assets and posted an increase in second-quarter earnings due in part to a fall off in bad loans.
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.
Commerzbank is exploring the sale of its custodian business as CEO Martin Blessing reviews company strategy, according to people familiar with the matter.
A recent report undertaken by Heritage Research Center Ltd has revealed that there is no evidence to suggest that Bank of America or any of its predecessor organisations profited from slavery. The bank will nevertheless increase donations its charitable foundation makes to black history groups and programs by $5m over the next three years.
The Financial Times reports that Lahde Capital, a California hedge fund, is the latest firm to be identified in the small group of US funds which have made the single most profitable trade ever by using derivatives to short subprime-linked securities.
Commerzbank Corporates & Markets (C&M) has hired Max Jacob to build its Bonds Solutions team.
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.
Here's the latest on the 'Movers & Shakers' front.
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.