Commerzbank to Discuss Trimming Foreign Business at Next Meeting
- Management to give supervisory board strategy update next week
- Commerzbank’s management has come under fire for performance
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Commerzbank AG’s management, bruised by stinging criticism from shareholders and labor representatives, is considering trimming the bank’s international operations as part of a long-awaited strategy update that will likely also include thousands of job cuts.
Chief Executive Officer Martin Zielke is expected to present the plan to the supervisory board at a meeting on Wednesday, according to people familiar with the matter who asked for anonymity discussing internal planning. Germany’s second-largest listed bank employs almost 14,000 staff abroad and has 445 foreign branches, according to its most recent annual report.