Commerzbank shares rise as CEO shuns bonus

<p>Shares in Commerzbank have rallied as the bank’s boss forgoes his bonus.</p>

Shares in Commerzbank have made gains on the Frankfurt Stock Exchange this morning (February 15th), as the lender's chief executive officer has announced he will forgo his bonus due to poor profits.

Martin Blessing also offered a downbeat outlook for the bank in 2013, saying it would be a year of challenges including a major restructuring that would take an investment in effort, time and money.

He stated: "Initial measures are taking effect, but one thing is clear: there is a long way to go."

Commerzbank is cutting its costs and plans to axe between 4,000 and 6,000 jobs through to 2016 as it tries to make savings.

The bank made a loss of €716 million (£616 million) in the fourth quarter of 2012 and received an €18 billion bailout during the financial crisis.

At 11:45 GMT, shares in Commerzbank rose by 2.5 per cent to €1.51 per share.

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