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MarketScreener Homepage  >  Equities  >  Xetra  >  Commerzbank AG    CBK   DE000CBK1001

COMMERZBANK AG

(CBK)
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Commerzbank : board member to exit, continuing management upheaval

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09/17/2020 | 04:00am EDT
Commerzbank AG annual results news conference in Frankfurt

Commerzbank's management shake-up continued on Thursday with an announcement that the board member responsible for private clients, Michael Mandel, would leave the German lender.

The partly state-owned bank, which has been targeted by activist U.S. private equity fund Cerberus, is trying to regain its footing after the resignations earlier this summer of its chief executive and chairman, and years of setbacks since the financial crisis.

The bank has a new chairman, who has begun the search for a new CEO.

Mandel had been a proponent of an extensive branch network, but the lender has shuttered 200 of around 1,000 branches and is now discussing the closure of hundreds more.

The decision to accept the resignation offer from Mandel was made at a meeting of the bank's supervisory board on Thursday.

Sabine Schmittroth will assume responsibility for the private client business for now, the bank said.

(Reporting by Tom Sims; Editing by Michelle Adair)


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Financials
Sales 2020 8 422 M 9 990 M 9 990 M
Net income 2020 -202 M -239 M -239 M
Net Debt 2020 - - -
P/E ratio 2020 -29,1x
Yield 2020 0,19%
Capitalization 5 728 M 6 781 M 6 794 M
Capi. / Sales 2020 0,68x
Capi. / Sales 2021 0,68x
Nbr of Employees 47 549
Free-Float 84,4%
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Consensus
Sell
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Mean consensus HOLD
Number of Analysts 20
Average target price 5,06 €
Last Close Price 4,57 €
Spread / Highest target 57,4%
Spread / Average Target 10,6%
Spread / Lowest Target -32,2%
EPS Revisions
Managers
NameTitle
Martin Zielke Chairman-Management Board
Hans-Jörg Vetter Chairman-Supervisory Board
Jörg Hessenmüller Chief Operating Officer
Bettina Orlopp Chief Financial Officer
Uwe Tschäge Deputy Chairman-Supervisory Board
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