Two execs to leave firm in plan to cuts jobs

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Commerzbank, the bank that plans to cut 5,200 jobs by 2016, said two executives will leave its management board as part of the reductions.

Bloomberg reports that Jochen Kloesges, 49, and Ulrich Sieber, 47, who oversee a unit that is winding down assets to boost the bank’s capital levels, will step down on 31st December, Commerzbank said in an e-mailed statement today. Their departure will shrink the board to seven members.

Commerzbank is eliminating staff to lift profit as soured shipping and commercial real estate loans in the unit managed by the two board members eclipse earnings from corporate and retail banking. Martin Blessing, the company’s 50-year-old chief executive officer, said in August that senior management would be included in the headcount reduction.

Kloesges, who requested for his mandate on the board to be terminated at the end of the year, will join ER Capital Holding as chief operating officer in April before becoming CEO of the Hamburg-based shipping company in July, Commerzbank said.

To access the complete Bloomberg article hit the link below:

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