Commerz looks beyond tiny profit to better times
Commerzbank’s investment banking arm managed to post a small profit in the fourth quarter of 2011, taking it to eight consecutive quarters of profit. But the positive result — a modest €27m — was dominated by the bank’s corporates business, which provides capital markets and investment banking services for its largest clients. And it was only made possible by a €75m own credit gain booked in the bank’s fixed income and currencies trading business.
Corporates recorded revenues of 236m in the quarter, helping to offset the disappointing figures from the banks trading businesses. Equity markets and commodities saw revenues of negative 43m as the bank bore the cost of continuing to make markets in the unpleasant conditions that prevailed at the end
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