Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  Commerzbank AG    CBK   DE000CBK1001

COMMERZBANK AG

(CBK)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Commerzbank to Settle U.S. Allegations of Sanctions and Money-Laundering Violations -- Update

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/12/2015 | 01:06pm EST
By Samuel Rubenfeld And Eyk Henning 

German lender Commerzbank AG will pay $1.45 billion to settle allegations of sanctions and money-laundering violations.

The settlement resolves investigations by U.S. and New York state regulators and law enforcement into allegations that the bank had violated laws barring transactions on behalf of Iran and Sudan and abetted a multibillion-dollar securities fraud at Japan-based Olympus Corp.

Under the settlement with New York's financial regulator, Commerzbank also will install an independent monitor and fire several employees, including the head of anti-money-laundering, fraud and sanctions compliance at the New York branch.

"When there was profit to be made, Commerzbank turned a blind eye to its anti-money-laundering compliance responsibilities," said Benjamin Lawsky, superintendent of the New York Department of Financial Services, in a statement Thursday.

Commerzbank, in a statement, said the settlement will dent fourth-quarter earnings by an additional EUR338 million. That will see the bank swing to a loss in last year's final quarter, for which the bank reported a preliminary net profit of EUR77 million ($87 million) in February. That compares with EUR64 million a year earlier and analyst forecasts for EUR36 million.

"We take these violations very seriously and deeply regret the actions that led to today's announcements," Commerzbank Chief Executive Martin Blessing said in Thursday's statement. He added the bank will continue to make changes to its systems, training and personnel to address the deficiencies identified.

"The U.S. dollar business remains a central component of our product suite to companies and financial institutions worldwide. As an international bank, we have a keen interest in maintaining the highest industry standards everywhere we do business," he said.

Commerzbank will pay a total of $1.45 billion in penalties and forfeitures under the settlement. The bank will pay $610 million to the Department of Financial Services, $300 million to the U.S. Attorney's Office for the Southern District of New York, $200 million to the Federal Reserve, $172 million to the Manhattan District Attorney's office and $172 million to the U.S. Department of Justice, according to a statement from the New York regulator.

A $258.6 million fine assessed by the Treasury Department's Office of Foreign Assets Control will be satisfied by the bank's payment to the U.S. Justice Department, Treasury said in a statement.

Write to Eyk Henning at eyk.henning@wsj.com

Access Investor Kit for Olympus Corp.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=JP3201200007

Access Investor Kit for Olympus Corp.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US68163W1099

Stocks mentioned in the article
ChangeLast1st jan.
COMMERZBANK AG -0.08% 5.2 Delayed Quote.-10.01%
OLYMPUS CORPORATION -1.29% 1639 End-of-day quote.-50.33%
ONE STOP SYSTEMS, INC. -1.12% 1.76 Delayed Quote.-8.25%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COMMERZBANK AG
03:04pANALYST VIEW : What deeper OPEC+ oil output cuts mean for the market
RE
12/05Euro zone likely dodged recession but growth to stay tepid - Reuters poll
RE
12/05China's November exports seen up modestly, but Sino-U.S. trade still major ri..
RE
12/04COMMERZBANK AKTIENGESELLSCHAFT : Preliminary announcement of the publication of ..
EQ
12/03COMMERZBANK : Credit Suisse and UBS execute first live transactions on the Deuts..
PU
11/29WALL STREET STOCK EXCHANGE : U.S. Stocks Notch Best Month Since June
DJ
11/29COMMERZBANK RESEARCH : Slow recovery in Germany more
PU
11/28COMMERZBANK : Disclosure Report as at 30 September 2019 in accordance with CRR
PU
11/27Commerzbank managers keeping staff in dark on overhaul, union says
RE
11/27Commerzbank managers keeping staff in dark on overhaul, union says
RE
More news
Financials (EUR)
Sales 2019 8 545 M
EBIT 2019 1 794 M
Net income 2019 780 M
Debt 2019 -
Yield 2019 3,91%
P/E ratio 2019 8,32x
P/E ratio 2020 8,85x
Capi. / Sales2019 0,76x
Capi. / Sales2020 0,76x
Capitalization 6 512 M
Chart COMMERZBANK AG
Duration : Period :
Commerzbank AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COMMERZBANK AG
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 6,08  €
Last Close Price 5,20  €
Spread / Highest target 84,6%
Spread / Average Target 16,9%
Spread / Lowest Target -18,7%
EPS Revisions
Managers
NameTitle
Martin Zielke Chairman-Management Board
Stefan Schmittmann Chairman-Supervisory Board
Jörg Hessenmüller Chief Operating Officer
Stephan Engels Chief Financial Officer
Uwe Tschäge Deputy Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COMMERZBANK AG-10.01%7 237
JPMORGAN CHASE & CO.36.30%417 278
BANK OF AMERICA CORPORATION34.29%297 648
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-1.44%281 687
WELLS FARGO & COMPANY15.52%225 129
CHINA CONSTRUCTION BANK CORPORATION-3.73%200 113