CEO of the German Commerzbank, Martin Zielke, is willing to step down as the supervisory board who considers it better for the future of the bank. The council will vote on this on 8 July. President-in-Office Stefan Schmittmann also announced that he will resign.

Zielke is prepared to remain in his position until the end of this year at the latest. In the event of an agreement before his departure as director, the supervisory board must decide on an appropriate end date. Schmittmann will remain in his current role until August 3.

Commerzbank’s management recently came under great pressure from its shareholders. In particular, major shareholder Cerberus Capital Management accuses the bank’s management of pursuing a failed policy. The criticism concerns, among other things, costs and profitability.

Allegedly, Zielke was already planning a major reorganization that could see up to 7,000 jobs disappear. Some 400 bank branches would also be closed for good.

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