Commerzbank appoints board members in latest management reshuffle

September 15, 2021

FRANKFURT (Reuters) -Commerzbank AG appointed two new board members on Wednesday in the latest management reshuffle at the German lender as it cuts 10,000 jobs.

Erste Group board member Thomas Schaufler will take over Commerzbank’s retail banking division, while Joerg Oliveri del Castillo-Schulz, currently an independent consultant, will become chief operating officer.

Germany’s No. 2 lender is trying to turn over a new leaf under new Chief Executive Manfred Knof. It is carrying out a 2 billion euro ($2.36 billion) restructuring that also involves hundreds of branch closures.

Schaufler assumes the retail responsibilities of Sabine Schmittroth, who will continue to oversee human resources.

Oliveri del Castillo-Schulz takes over the COO job from Joerg Hessenmueller, who was also responsible for technology.

Hessenmueller will resign, Commerzbank said.

That move comes after the bank in July abandoned a project to outsource securities settlement to HSBC and, as a result, wrote off 200 million euros in the second quarter.

The German lender’s supervisory board agreed on the moves at a meeting on Wednesday.

Commerzbank, which is still partially owned by the state after a bailout during the financial crisis more than a decade ago, is expected to post a loss for the full year, according to analysts.

($1 = 0.8466 euros)

(Reporting by Tom Sims, Elke Ahlswede and Alexandra Schwarz-GoerlichEditing by Riham Alkousaa and Kirsti Knolle)

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