Commerz warns on corona impact for corporate clients

By Jasper Cox
05 Aug 2020

Commerzbank expects its corporate division to remain under pressure from the coronavirus crisis in the second half of the year, after a second quarter where international firms rushed to take out debt products but the bank was stung by a large single provision, understood to relate to disgraced payments company, Wirecard.

New leadership is due at the bank, with chairman Stefan Schmittmann having just left and chief executive Martin Zielke also on his way out. The bank has chosen Hans-Jörg Vetter as its next chairman, subject to judicial order.

The departures were linked to criticism of Commerzbank’s 5.0 ...

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