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MarketScreener Homepage  >  Equities  >  Xetra  >  Commerzbank AG    CBK   DE000CBK1001

COMMERZBANK AG

(CBK)
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Commerzbank reshuffle continues with new head of corporate business

11/27/2020 | 08:22am EST
FILE PHOTO: Commerzbank AG annual results news conference in Frankfurt

FRANKFURT (Reuters) - Commerzbank appointed a new board member to oversee the German lender's corporate business on Friday after his predecessor left over differences about the division's future, the bank said on Friday.

The departure continues a management reshuffle at Germany's No. 2 lender that has swept through the top leadership ranks.

Commerzbank said that Michael Kotzbauer, who joined the bank in 1990, will take over from Roland Boekhout, who joined the bank at the start of 2020 and was previously with the Dutch bank ING.

The decision was taken at an extraordinary meeting of the bank's supervisory board on Friday.

Boekhout "has decided to leave Commerzbank due to differing views on the future set up of the corporate clients business," said the bank's new chairman, Hans-Joerg Vetter.

Both the bank's former chairman and its CEO announced their resignations earlier this year, setting off a series of high-profile exits.

The bank has been struggling to generate profits and has announced it is reviewing its strategy, with announcements on that expected early in 2021 after the arrival of the new CEO, Manfred Knof, who is joining from Deutsche Bank.

Boekhout was passed over for the CEO job.

(Reporting by Tom Sims; editing by Thomas Seythal and Thomas Escritt)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COMMERZBANK AG -0.79% 5.804 Delayed Quote.11.09%
DEUTSCHE BANK AG -2.84% 8.9 Delayed Quote.2.36%
ING GROEP N.V. -1.48% 7.71 Real-time Quote.2.42%
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Financials
Sales 2020 8 325 M 10 129 M 10 129 M
Net income 2020 -1 229 M -1 495 M -1 495 M
Net Debt 2020 - - -
P/E ratio 2020 -5,42x
Yield 2020 -
Capitalization 7 269 M 8 848 M 8 844 M
Capi. / Sales 2020 0,87x
Capi. / Sales 2021 0,85x
Nbr of Employees 47 912
Free-Float 84,4%
Chart COMMERZBANK AG
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Technical analysis trends COMMERZBANK AG
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 5,54 €
Last Close Price 5,85 €
Spread / Highest target 24,8%
Spread / Average Target -5,38%
Spread / Lowest Target -29,9%
EPS Revisions
Managers and Directors
NameTitle
Manfred Knof Chief Executive Officer
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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