Commerzbank was sued by a director who said she was discriminated against in an environment more akin to a fraternity where she was isolated by discussions held in German, or at bars.
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 sold $3.2bn of commercial real estate loans to Oaktree Capital and JPMorgan, making headway with its plan to reduce riskier assets.
Commerzbank's investment banking division saw a 40% increase in operating profit in the first quarter, driven primarily by a surge in debt and currency trading, the bank said on Thursday.
The German government has blocked a plan by Commerzbank to pay bonuses to its top staff worth double their basic salary.
Commerzbank and government lawyers gained federal court approval of a $1.45bn agreement to defer prosecuting the lender for violating U.S. laws, including sanctions on doing business with Iran and Sudan.
U.S. officials say Commerzbank carried out transactions with U.S.-sanctioned entities in Iran and Sudan.
Commerzbank is poised to put a half-decade of legal woes behind it as it prepares to settle parallel U.S. investigations into sanctions violations and allegations about the bank’s role in one of Japan’s biggest accounting scandals, according to two people familiar with the matter.
Commerzbank, the target of a U.S. probe into alleged sanctions violations, set aside an additional $549m for legal provisions and said it may need to repeat the exercise.
Cost-cutting, lay-offs and moves to lower cost locations.
Sad to report.
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.
40% - 60% of London FIC staff may be affected.
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.
A former Commerzbank director, who said she was discriminated against in an environment more akin to a fraternity and excluded from discussions held in German, lost her employment suit against the bank.
A couple of years back, we undertook a poll of our readers to find out what they thought were the worst bank mergers of all time.
Commerzbank chose Martin Zielke, the insider who overhauled its consumer-banking unit, to succeed Martin Blessing as chief executive officer.
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.
Commerzbank is moving its mergers and acquisitions operations from the U.K. to focus on German clients, according to three people with knowledge of the matter.
Here's the latest on the 'Movers & Shakers' front.
Commerzbank's third-quarter net profit tripled to 225 million euros as earnings in its retail and corporate banking units rose and costs for bad loans fell, in a sign that the bank's turnaround plan was gaining traction.
Commerzbank has sued four banks in the United States, claiming that they failed to properly monitor billions of dollars in toxic mortgage-backed securities acquired by the German lender before the 2008 financial crisis.
Julius Baer has announced that it has agreed to acquire Commerzbank International SA Luxembourg (‘CISAL’), a well-established and fully-licensed private banking franchise with close to EUR 3bn ($3.23bn) assets under management, from Commerzbank.
Commerzbank is considering external and internal candidates to replace Martin Blessing when he steps down as CEO next year, according to people with knowledge of the matter.