Commerzbank AG (CBK), the German lender that plans to cut 5,200 jobs by 2016, said two executives will leave its management board as part of the reductions.
Jochen Kloesges, 49, and Ulrich Sieber, 47, who oversee a unit that is winding down assets to boost the bank’s capital levels, will step down on Dec. 31, Frankfurt-based Commerzbank said in an e-mailed statement today. Their departure will shrink the board to seven members.
Commerzbank is eliminating staff to lift profit as soured shipping and commercial real estate loans in the unit managed by the two board members eclipse earnings from corporate and retail banking. Martin Blessing, the company’s 50-year-old chief executive officer, said in August that senior management would be included in the headcount reduction.
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