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November 6, 2007

Commerzbank Appoint New Executive In Reshuffle

by Stewart Douglas

Story link: Commerzbank Appoint New Executive In Reshuffle

German investment powerhouse Commerzbank have today announced an internal candidate will take over at the helm following the departure of Klaus-Peter Muller, as part of the bank’s ongoing commitment to strengthening in domestic sectors and within its investment operations.

The move will see divisional boss of both the key domestic retail division and middle corporate clients, Martin Blessing move up in the management hierarchy to take control of the entire organisation, currently the second largest German bank behind Deutsche Bank. 

It is hoped that Blessing’s experience of management at both core divisions will help him strengthen growth in the company as an entity, whilst his strong track record within the industry will make ideally suited to management at the top level, particularly within the investment and retail markets.

The management reshuffle comes off the back of poor results over the third quarter for the bank as a result of losses in the value of securities linked to the ongoing sub-prime crisis, despite the fact that Herr Muller’s position was vacated for unrelated reasons.

After four decades at the top Herr Muller left the company on good terms having brought significant value to the business through his cost saving initiatives and increasing shareholder and stakeholder value focus over that period of time.

Performance over Q3 to the end of September was up by some 7%, gaining in profitability up to 360 million euros over the period, with commission incomes also seeing a significant growth over the last three months for the company.

Speaking today on the changes the company said they were looking forward to settling back into the market with its new leadership, with a view to increasing profitability over the coming twelve months.

 

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