Commerzbank to appeal ex-HR boss board removal decision

Gavel

Commerzbank is considering appealing against a Frankfurt court's ruling that the lender's move last year to revoke the management board status of former personnel chief Ulrich Sieber was invalid.

Reuters reports that the bank announced in November that it was cutting the size of its management board to seven members from nine as part of a broader restructuring to cut costs. Sieber challenged the move.

'Commerzbank acknowledges the court's ruling but will consider making an appeal', the bank said in a statement on Wednesday, adding that it remains convinced its action to cut the size of the board was formally correct.

As part of its cost-cutting effort, Commerzbank is shedding 5,200 of its workforce of around 45,000.

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