Executives slated to quit Commerzbank

Commerzbank, the German lender that plans to cut 5,200 jobs by 2016, said two executives will leave its management board as part of the reductions.

Jochen Kloesges, 49, and Ulrich Sieber, 47, who oversee a unit that is winding down assets to boost the bank’s capital levels, will step down on Dec 31, Frankfurt-based Commerzbank said yesterday. Their departure will shrink the board to seven members.

Commerzbank is eliminating staff to lift profit as soured shipping and commercial real estate loans in the unit managed by the two board members eclipse earnings from corporate and retail banking.