Commerzbank boss Martin Zielke gives up his post. Zielke had offered to "leave the Management Board prematurely by the end of the year at the latest", said Commerzbank after a meeting of the Presidential and Nomination Committee of the Supervisory Board. The supervisory board will decide on this next Wednesday.
In his own words, Zielke draws the consequences of the unsatisfactory business situation of the bank. "As recognizable as the strategic progress is, the financial performance of the bank has been and remains unsatisfactory, and I am responsible for this as CEO," he said. He therefore offered the Supervisory Board a mutually agreed termination of his mandate. "I want to clear the way for a fresh start."
Recently the criticism of the bank's course had grown louder. The US financial investor Cerberus had accused Commerzbank management of failure and a failed strategy in two letters. With a share of just over five percent, Cerberus is the institute's second largest shareholder after the federal government. After saving the bank with tax billions in the 2008/2009 financial crisis, the federal government now holds 15.6 percent of Commerzbank shares.