Commerzbank: Chaos in Frankfurt - it really looks that bad

There was just another turbulence in the Supervisory Board of Commerzbank.

Within a few weeks, half of the representatives of the capital side quit the service.

First, the chairman of the supervisory board, Hans-Jörg Vetter, who had only been in office for a few months, had to give up his post due to illness.

Then the Berlin governors in particular are said to have urged Andreas Schmitz, the former head of Germany of the British HSBC, who was traded as a possible successor, to withdraw.

The reason for this is said to have been investigations into fiscally questionable share deals (“cum-ex”).

Allegedly, SPD Chancellor candidate Scholz feared that the issue could damage his image.

Following Schmitz's dismantling, three other members of the supervisory board left the committee.

The bank has meanwhile presented replacements.

Much more serious than this change in personnel is the tense business situation of the financial institution.