Commerzbank’s Top Shareholders Unhappy With CEO’s New Plan
- Investors believe cost cuts, profitability targets not enough
- Bank says the targets are ‘realistic’ given the environment
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Commerzbank AG Chief Executive Officer Martin Zielke is facing mounting opposition to his new turnaround plan from some of his largest shareholders and regulators.
Cerberus Capital Management LP and one other top investor are concerned that cost cuts presented by the bank in September don’t go far enough, people familiar with the matter said. One expressed that view in a meeting with the bank’s leadership, they said, asking not to be identified discussing the private information.