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February 15, 2013 at 07:32 AM
Germany’s second-largest bank, Commerzbank AG, will cut all pay bonuses by 17 percent, with investment bankers taking a 20 percent reduction, thanks to a slump in the bank’s net profit and planned job cuts. Chief Executive Martin Blessing will forego his entire bonus for 2012, as the bank struggles to bolster its profitability by 2016. The bonus cuts also come amid growing political pressure for the bank to show a fairer sharing of the burden between management and staff as it works to maximize profits.
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