Commerzbank in turmoil: earthquakes in the financial space

subject of The Photo could be striking hardly. Since 1. July, the site is at the Frankfurt forest stadium German Bank Park. With the renaming of the area, the c

Commerzbank in turmoil: earthquakes in the financial space

subject of The Photo could be striking hardly. Since 1. July, the site is at the Frankfurt forest stadium German Bank Park. With the renaming of the area, the construction workers-to-back, because of the bright yellow lettering of the previous namesake, Commerzbank has to be unscrewed and by a blue font will be replaced. Public makes this out of consideration for the Commerzbank no one, because who likes to see photos in media such as the company logo is removed.

by Daniel Schleidt

editor in the Rhein-Main-Zeitung.

F. A. Z. Twitter

This is true these days, as Commerzbank makes for negative headlines, particularly. Because the financial centre of Frankfurt is shaken. With the simultaneous withdrawal of the Chairman of the Board Martin Zielke and the Supervisory Board boss Stefan Schmittmann, which was announced last Friday and since then, for discussion provides, the Commerzbank in front of a full-blown leadership problem, particularly in the middle of the Corona-crisis, many experts claim that they will bring the banks in the future huge losses due to loan defaults.

"it's just not"

in The financial space there is loud criticism of the fact that Zielke and Schmitt-man force at the same time their resignation. "This is for a large German Bank, a one-time process of the entire company in a difficult Situation prior to additional problems," says Finance Professor Volker Brühl, managing Director of the Center for Financial Studies at the Goethe University in Frankfurt. "No." Although Schmitt man the German press wrote-Agency, in a letter to the employees, there will be an "orderly process". Nevertheless, Brühl, it would have made sense, if you can at the same time present a succession solution. Now, however, a leadership loser of the Supervisory Board is faced with the task to elect a new Chairman. "As you can decide only for an internal solution," says Brühl. As a favorite chief financial officer Bettina Orlopp and corporate customers, chef Roland Boekhout, who stood for years at the top of the Dutch ING apply. Brühl finds, the unclear situation of personnel claims of the Bank and the entire financial space, "as a result, a lot of trust is lost among customers, employees and investors".

at the Headquarters of the Bank on Kaiserplatz in Frankfurt, the question now arises, how is it with the proud house should go – and what are the consequences for the future development of the group for Frankfurt and the Region. Finally, the Commerzbank is a major employer in the city. Over 11,000 of the total of about 45,000 employees of the group worldwide are employed at the headquarters of the Bank. Many of them fear for their jobs. For several days rumors that in the autumn of last year, announced the reduction of around 4,000 Bodies could be by the year 2023, more than previously planned are circulating, the talk is of up to 7,000 additional jobs that could be deleted. Also the trade Union Verdi has called in already to word. They fear a massive loss of jobs since 2009 part-nationalised institution and requested a waiver of dismissals for operational reasons.

farewell to the dense branch network

it Comes to downsizing in a big way, it does not go to Frankfurt unscathed. So Insider in an interview with this newspaper, that it will come at the Commerzbank in the near future to "massive losses of jobs in the financial centre of Frankfurt". This in comparison to the group-wide share of the job cuts, which could be up to a quarter are likely to be at home to Frankfurt, however, lower.

As an integral part of the future strategy of the Bank is likely to be to say goodbye to the relatively dense branch network. Still, Commerzbank maintains almost 1000 branches, however, are up to 400 of them to Disposition. It comes to this radical deforestation in the branches, could the reduction more on the surface, distribute, and less on the Central office in Frankfurt to focus, according to experts in the financial space.

Updated Date: 07 July 2020, 09:20

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