Commerzbank hit by restructuring

Commerzbank's loss was bigger than expected

Germany's Commerzbank has reported a bigger than expected quarterly loss, hit by restructuring costs.

The bank made a net loss of 1.1bn euros ($1.6bn; £994m) in the three months to the end of September, much higher than analysts' expectations of 696m euros.

The firm's operating profit for the third quarter period came to 120m euros, compared with an operating loss of 476m euros a year ago.

Commerzbank still expects to make a net loss for the whole of 2009.

Last month, the bank announced the sale of its UK wealth management arm Kleinwort Benson, less than one year after buying the division.

Belgian investment group RHJ International is paying £225m for the business in a deal which should be completed early next year.