OREANDA-NEWS. March 13, 2015. Commerzbank saw its 2014 net profit plunge to 264 million euros from a previously reported 602 million euros after it booked additional charges to complete a \\$1.45 billion settlement with U.S. authorities over alleged sanctions violations.

Commerzbank on Thursday said it would book an additional one-off charge of 338 million euros in the final quarter of 2014, charging the amount retroactively to its past fiscal year.

The bank agreed to fire five executives and pay \\$1.45 billion to resolve an investigation of its dealings with Iran and other sanctioned countries as well as a separate probe of its money laundering controls, the U.S. authorities said.

The bank previously reported a net profit of 602 million euros for 2014, warning at that time, however, that it could revise that number should it settle with U.S. officials.

Commerzbank had set aside 1.4 billion euros in legal provisions by the end of 2014 in preparation for the U.S. cases.

Rising legal costs and investigations have threatened to stall a recovery plan that has seen Commerzbank emerge strong on an operating level from a state bailout.

Commerzbank had originally aimed to settle with U.S. regulators and prosecutors by the end of 2014 over its dealings with Iran and other countries under U.S. sanctions, in a deal previously expected to cost the bank about \\$650 million.