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Commerzbank reports massive Q4 loss

Monday - 2/4/2013, 11:50am  ET

BERLIN (AP) -- Germany's Commerzbank says it expects bigger than expected losses for the final quarter of 2012 as large one-off charges wiped out earnings.

Commerzbank said Monday it would take a net loss of EUR720 million ($982 million) in the fourth quarter, including a one-time charge of EUR185 million from the sale of Ukrainian subsidiary Bank Forum and EUR560 million in tax claims.

In a release ahead of its Feb. 15 earnings report, Commerzbank said it made a full year profit of only EUR6 million, down from EUR638 million in 2011 due to EUR980 million in one-time charges.

Commerzbank said in January it would cut as many as 6,000 jobs over three years to reduce costs.

Shares in the bank were down 2.73 percent to EUR1.57 in afternoon Frankfurt trading.


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