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Commerzbank shares hit new low as company scraps profit forecast.

Europe Intelligence Wire

| October 01, 2002 | COPYRIGHT 2002 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Financial News (Daily))

Commerzbank shares sank to an 18-year low after the company scrubbed its earnings target, boosted its 2002 risk provision forecasts to '1.3bn ($1.27bn) and warned of fresh layoffs to combat the slowest business climate German banking has confronted in decades.The German bank said loan write-offs will likely rise '200m from an earlier forecast of '1.1bn due to flooding in eastern Germany. The bank also ...

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