The Times reports that Mehmet Dalman, the former head of Commerzbank's securities division, has said that he takes 'absolutely no responsibility' for the unit's $221m third quarter loss. The former boss-man is said to be angry that other Commerzbank executives are privately blaming him for the difficulties at the division.
Dalman quit the unit in September and points out that the securities business made a profit in the first half of the year. He is quoted as saying that 'I left that bank with a very good business model.....and I told Mueller (Commerzbank group CEO Klaus-Peter Mueller) it has nothing to do with me what you do with this business from here onwards'. It remains unclear exactly when this conversation actually took place.
Now busy setting up his own hedge fund, Dalman also said that he doesn't want to 'look back in anger' at his time at the bank. He points to the fact that, during his time at the helm, his unit's revenues grew from $32m to $1.5bn and that the firm brought in profits in excess of $776m during the seven years he ran the business.
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