FRANKFURT - Germany's Commerzbank said Tuesday it lost 94 million euros ($123 million) in the first quarter after taking heavy charges for future job reductions as the bank tries to turn its business around. The net loss compared to a profit of 355 million euros in the same quarter a year ago. Germany's No. 2 lender behind Deutsche Bank took 493 million euros in reductions to earnings for restructuring that will include 4,000 to 6,000 job cuts by 2016. The bank announced the cuts in January and warned in April that it would take a large restructuring charge.

Bank of America and insurer MBIA on Monday announced a $1.7 billion settlement deal resolving their dispute over mortgage securities that soured as the housing market collapsed. Bank of America will pay $1.6 billion in cash to MBIA and $137 million in the outstanding MBIA notes it held. Under the settlement terms, the Charlotte, North Carolina-based bank will end all of the remaining credit default swap (CDS) protection agreements it had purchased from MBIA on commercial mortgage-backed securities.

NEW YORK, N.Y. - The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (www.renaissancecapital.com) and SEC filings. Week of May 6 American Residential Properties Inc. - Scottsdale, Ariz., 13.7 million shares, priced $21 to $23 each, managed by Morgna Stanley, BofA Merrill Lynch, and FBR Capital Markets. Proposed NYSE symbol ARPI. Business: Internally managed REIT focused on single-family residential properties.

WASHINGTON - RBS Citizens and its affiliate Citizens Bank of Pennsylvania have agreed to pay a combined $13.9 million to settle U.S. regulators' claims they deceived customers about overdrafts and other services. Regulators say the banks are paying $10 million in civil fines and $3.9 million in restitution to customers harmed by inaccurate information. The deal was announced Tuesday by the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. The banks neither admitted nor denied wrongdoing.