Commerzbank and lawyers for the US government gained federal court approval of a $1.45bn (€1.32bn) agreement to defer prosecuting the lender for violating US laws, including sanctions on doing business with Iran and Sudan.

Commerzbank, the German lender that plans to cut 5,200 jobs by 2016, said two executives will leave its management board as part of the reductions.

Commerzbank AG, the German bank forced into an €18.2bn bailout, jumped the most since Oct 2011 in Frankfurt trading after second-quarter earnings fell less than analysts estimated.