Commerzbank – Germany's second-largest bank – is slashing bonuses by 17.2% for 2012 after reporting an "unsatisfactory" net profit for the year.
Its chief executive Martin Blessing will also forgo his €700,000 (£602,000) bonus following losses of €716 million (£616m) for the fourth quarter. For all of 2012 net profit plunged to €6m (£5.2m) as loan losses increased and interest earnings shrank.
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