In the news: Zielke and the supervisory board chairman have come under criticism from shareholder Cerberus. — Reuters
FRANKFURT: Commerzbank AG chief executive officer Martin Zielke may eliminate more than 7,000 jobs and close about 400 branches as he tries to respond to frustration among shareholders, including the German government and Cerberus Capital Management, over the pace of cost-cutting efforts, according to sources.
Zielke and chief financial officer Bettina Orlopp may present the cost-reduction targets as the cornerstone of a broader restructuring plan at a meeting of the supervisory board on Wednesday, the sources said. The final goals haven’t been decided yet, partly because several executives are sceptical about whether cuts of this scale are feasible. The leadership is also considering less extreme reductions, the sources said.
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