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Frankfurt — Commerzbank abandoned its goal for a full-year profit after losses tied to the failure of Wirecard, underscoring the challenges for the German lender as it seeks a new CEO.

The unexpected hit blemished an otherwise solid quarter, with net income of €220m, well above analyst estimates. The bank’s online broker Comdirect posted record revenue from trading when volumes surged during the pandemic. Commerzbank said it may have to set aside as much as €1.5bn in 2020  for bad loans, more than it had previously predicted...

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