FRANKFURT: Cerberus Capital Management LP is seeking two seats on Commerzbank AG’s supervisory board as the fund said in a confidential email that time is running out to turn around the lender.
The five-page letter, dated June 9 and sent to the supervisory board, portrays Germany’s second-largest bank as suffering from leadership that’s focused on unprofitable revenue growth and lacks resolve to slash a bloated cost base, according to a copy seen by Bloomberg News.
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