Commerz: Three, the magic number

Commerzbank has joined that elite band of banks that made a profit last year. The German lender was hit, like others, by colossal trading losses. It has also taken two doses of state capital. In spite of these setbacks, Commerz went into 2009 with a E3m net profit and a double-digit Tier 1 capital ratio. Shareholders should not be especially reassured. The detailed numbers contain some real nasties. Commerz’s investment banking business made an annualised return of minus 87% on its allocated ca...