Commerzbank says management board to shrink to 7 members by 2014

Wed Nov 6, 2013 7:22am EST
 
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FRANKFURT (Reuters) - Germany's Commerzbank (CBKG.DE: Quote) said Jochen Kloesges and Ulrich Sieber will leave by year end, shrinking the management board of the country's second-largest lender down to seven from nine members.

The board reduction is part of a broader restructuring drive to cut costs launched in November 2012, the bank said on Wednesday.

(Reporting by Edward Taylor)

 
The logo of Germany's Commerzbank is pictured behind a fountain in Frankfurt May 10, 2013. Picture taken May 10, 2013. REUTERS/Lisi Niesner