Commerzbank taps Giesbert in fixed income & currencies and trading arms merge
Germany's second-biggest bank, Commerzbank moved to bolster profitability through senior management changes and division mergers
The bank recently assigned Nikolaus Giesbert to head the newly merged fixed income and currencies sales and trading arms division.
Reports indicated Hui-Sun Kim, division board member for fixed income and currency trading will leave the company. This was reported to the bank staff through a memo released by investment bank head, Michael Reuther last August 14.
Commerzbank planned to down-size operations by letting go of some personnel. This move was meant to comply with European Union antitrust requisites which stemmed from the bank's rescue by German taxpayers last 2009. At the executive level, board members were trimmed down from nine to seven. About 20% of the current number of first level managers will also be cut down in the coming weeks.
Bank spokeswoman, Margarita Thiel refused to give any statement about these developments. While former division board member, Kim could not be reached for comment.