The German bank Commerzbank announced on Monday that it expects to close the last quarter of last year with an unexpectedly high loss, which it attributes to one-time costs.
Commerzbank expects a net loss of 720 million euros in the fourth quarter of 2012, including one-time costs of 185 million euros related to the sale of its Ukrainian branch Bank Forum and 560 million euros in tax claims.
They also announced that their profit for the entire previous year amounted to only six million euros, compared to 638 million euros in 2011, due to one-time costs of 980 million euros.
Recently, they emphasized that, in order to reduce operating costs, they plan to eliminate up to 6,000 jobs over the next three years.
The comprehensive business report for the previous year will be published on February 15, Commerzbank announced.
