Commerzbank’s investment banking division shed more than 500 employees in 2010, the German bank’s annual report revealed today. But unlike its European and UK rivals, it failed to provide pay details, saying it preferred to wait until later this year to release a remuneration report.

The job losses are due in large part to efficiency measures stemming from the acquisition of Dresdner Bank in 2008, and helped the Corporates & Markets group swing from a loss of E420m to a profit of E786m in 2010.