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Commerzbank: Quake at the top of the group

Two key people at the top of Commerzbank resign. Bank boss Martin Zielke has offered his resignation and will leave the company at the end of this year at the latest. “The Presidential and Nomination Committee decided to recommend to the Supervisory Board to end the appointment of Martin Zielke as a member of the Management Board and CEO of Commerzbank AG by mutual agreement on a date to be determined between Martin Zielke and the Supervisory Board, but no later than December 31, 2020 , Reports the MDAX-listed financial service provider early Friday evening. The final decision will be made on July 8 at a Supervisory Board meeting.

There will also be a drastic change in the supervisory board: “Stefan Schmittmann announced today in the meeting of the presidential and nominating committee of the supervisory board that he will resign from the supervisory board with effect from August 3, 2020,” said Commerzbank. Schmittmann has been Chairman of the Commerzbank Supervisory Board to date.

The resignations take place after growing pressure from the group of shareholders against the top of the group. Most recently, the hedge fund Cerberus had turned against the managers, as Cerberus did not go far enough with the savings measures planned by Commerzbank. The bank’s major shareholder is demanding significantly higher savings from the financial group. The federal government’s position is open; the state is Commerzbank’s largest single shareholder.

In addition, Commerzbank wants to reduce its exposure abroad, as “Bloomberg” reports – at least according to plans by the previous boss, Zielke. It is unclear whether this will be pursued after the manager’s resignation. So far there is no comment from the Commerzbank side.

At a glance – chart and news: Commerzbank

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