Commerzbank poised to cut management board to seven: sources
FRANKFURT (Reuters) - Commerzbank's (CBKG.DE: Quote) supervisory board will next week discuss cutting the size of its management board to seven from nine members, three sources familiar with the matter said on Wednesday.
Commerzbank declined to comment.
Germany's second-largest lender is in the midst of a radical cost-cutting program which includes shedding 5,200 of its 45,000 staff.
Reducing the size of the management board is a logical step given the overall reduction in size of the bank, which is still 17-percent owned by the German state. Cross-town rival Deutsche Bank (DBKGn.DE: Quote) has a management board with only seven members.
The board of directors is set to meet ahead of quarterly earnings results on August 8.
(Reporting by Kai Pfaffenbach, Alexander Huebner and Philipp Halstrick; writing by Edward Taylor; editing by Patrick Graham)
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