FRANKFURT, Germany (AP) ? The head of Germany's Commerzbank says he's not asking for a bonus after a year of meager profits and no dividend for shareholders.
Martin Blessing also gave a downbeat outlook for 2013, saying it would be a year of restructuring that would cost "effort, money and time."
He said Friday earnings "will remain under pressure."
Blessing termed profit of only ?6 million ($8 million) for last year as "unsatisfactory" and told the board of directors he would not be drawing any performance-related pay. He said other top executives would get 40 percent of their bonuses.
The bank is restructuring to deal with a tough economy and regulators' demands that banks keep stronger financial buffers against losses. It is winding down its businesses in commercial real estate and ship financing.
Associated Pressdelonte west vanessa williams nicklas backstrom discovery shuttle allure jane goodall saturday night fever
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