The head of Commerzbank's corporates and markets division blamed losses in its US operation on its slump in profits and predicted the German bank's unit will rebound strongly in 2008.
Nicholas Teller, head of corporates and markets at Commerzbank, said: "Our New York operation made a â¬394m loss in 2007 after a profit of â¬83m in 2006. This â¬477m difference was the main cause for the drop in profits in the division. Otherwise we emerged from the worst credit crisis in living memory in profit and have a strong underlying business going forward."
