FRANKFURT, Sept 29 Markus Beumer, who leads
Commerzbank's flagship corporate lending business with Germany's
medium-sized "Mittelstand" companies, will leave the bank by the
end of October as his unit will be split up, an industry source
Beumer, 52, had been seen as a likely candidate to succeed
former Commerzbank Chief Executive Martin Blessing, who was
replaced instead in May by former retail banking head Martin
Commerzbank declined to comment on the question of Beumer's
Earlier on Thursday, Commerzbank announced it would cut more
than a fifth of its workforce and suspend its dividend as it
tackles the challenges of low interest rates, weak profits and
the shift to online banking.
Under Zielke's shakeup of Commerzbank, the corporate lending
business will be split into two, with larger "Mittelstand" and
international firms served by one unit to be merged with the
investment bank and led by its head Michael Reuther.
Smaller firms will be served by the unit for private and
business clients led by Michael Mandel, which industry sources
said would also incorporate Polish subsidiary mBank.
(Reporting by Alexander Huebner, writing by Emma Thomasson;
Editing by Georgina Prodhan)