Commerzbank chairman and CEO bow out to give lender a fresh start

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Commerzbank's chairman and chief executive stepped down on Friday, bowing to demands from top shareholder Cerberus that the German lender change its strategy to stop a downward spiral in its financial performance.

Bailed out by the state during the last financial crisis, Commerzbank is now considering cutting thousands more jobs and closing hundreds of branches to turn itself around.

“I would like to open the way for a fresh start,” Zielke said. “The bank needs a profound transformation and a new CEO, who gets the necessary time from the markets to implement a strategy.” The U.S. investor said on Friday that it was not surprised by the resignations, though it was surprised by the timing, a person close to the investor told Reuters, adding that it would work with the government and bank staff to fill the management vacuum.

 

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