7/3/2020, 7:24 PM (Source: TeleTrader)
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Commerzbank chairman and CEO to step down

Commerzbank AG will likely lose both the company's chairman and chief executive this summer, the Financial Times reported on Friday citing regulatory filings.

The bank's Chairman Stefan Schmittmann is set to step down from his post by August 3. Meanwhile, Chief Executive Martin Zielke offered the supervisory board his resignation, and the final decision should be announced on July 8. These changes come after Commerzbank's major shareholder Cerberus called for a change of the management due to a financial "downward spiral."

A recent report suggested the bank is also considering to layoff 7,000 workers. Furthermore, the latest data shows that Commerzbank's revenue tumbled 14% in the first quarter of the year.

Breaking the News / ND