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Originally published Monday, February 4, 2013 at 5:30 AM

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Commerzbank reports massive Q4 loss

Germany's Commerzbank says it expects bigger than expected losses for the final quarter of 2012 as large one-off charges wiped out earnings.

The Associated Press

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BERLIN —

Germany's Commerzbank says it expects bigger than expected losses for the final quarter of 2012 as large one-off charges wiped out earnings.

Commerzbank said Monday it would take a net loss of (EURO)720 million ($982 million) in the fourth quarter, including a one-time charge of (EURO)185 million from the sale of Ukrainian subsidiary Bank Forum and (EURO)560 million in tax claims.

In a release ahead of its Feb. 15 earnings report, Commerzbank said it made a full year profit of only (EURO)6 million, down from (EURO)638 million in 2011 due to (EURO)980 million in one-time charges.

Commerzbank said in January it would cut as many as 6,000 jobs over three years to reduce costs.

Shares in the bank were down 2.73 percent to (EURO)1.57 in afternoon Frankfurt trading.

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