FRANKFURT, Feb 13 (Reuters) - Commerzbank Chief Executive Martin Blessing will voluntarily waive his 2013 bonus payment because the bank, despite swinging to a profit from a loss, didn’t earn enough to justify it, Blessing said on Thursday.
“If there is no profit then I don’t think it’s right, independent of whether the goals were reached, for the CEO to receive a variable component,” Blessing told journalists.
Although the bank earned a small profit in 2013, it wasn’t enough for him to justify receiving a bonus, he said. Blessing last received a bonus in 2007.
Blessing said he would have considered accepting a bonus if the net result of the group were over 100 million euros ($135.88 million)for the year.
Commerzbank posted a 78 million euro net profit for 2013 after a 47 million euro loss last year. ($1 = 0.7359 euros) (Reporting by Thomas Atkins)