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.
The Daily Mail reports that 31 year-old Aldous Voice, said to be an Associate Director in FX with a major City bank, was sentenced to four months in clink last week, after admitting endangering the safety of a helicopter by flashing a five million candle power lamp from his kitchen window.
As part of the strategic agenda announced in November 2012, the Commerzbank will cut a total of 5,200 full-time equivalents by 2016.
In 'Company News', Bloomberg's Mark Barton reports on the top business stories of the day.
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.
Reuters reports that 36-year-old trader Helen McNallen has settled her £1m damages claim against Commerzbank for suspending her in January 2000 after she went home early one day as she was allegedley suffering from stress. Unfortunately she is said to have left a trading position open and, when the market went against her, it is claimed that the German bank faced a loss of around £4m. Subsequent trading did, however, significantly reduce this loss to about £2m.
Commerzbank Corporates & Markets has announced the hire of Christoph Thierolf as Head of its Mergers and Acquisitions business.
Commerzbank plans to acquire Eurohypo, Europe's biggest mortgage bank. Commerzbank will pay Dresdner and Deutsche around $5.3bn in cash for the parts of the business it does not already own.
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.
Here's the latest on the 'Movers & Shakers' front.
Commerzbank Corporates & Markets (C&M) has hired Max Jacob to build its Bonds Solutions team.
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.