UPDATE 1-Commerzbank introduces claw-back option on bonuses

* New compensation system for first, second levels of mgmt

* Share awards to be paid out after three years

* Bonus system to include claw-back option

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FRANKFURT, Nov 10 (Reuters) - Germany's Commerzbank (CBKG.DE) on Tuesday unveiled a revamped bonus system as the banking industry moves to discourage excessive risk taking, particularly among investment bankers.

The new system is part of a wider push by Chief Executive Martin Blessing -- who won't get a bonus this year -- to clamp down on bonuses that reward only short-term performance. [ID:nL9679961]

From 2010 onward, Commerzbank will stagger bonus payouts and forfeit payments altogether if the bank's performance has suffered, Commerzbank said in a statement.

Germany's second-largest bank, which was forced to seek a bailout after its investment bank ran up huge losses, is already engaged in multiple legal disputes with former employees over pay. [ID:nLT357029]