FRANKFURT, Sept 29 (Reuters) - 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 told Reuters.
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 Zielke.
Commerzbank declined to comment on the question of Beumer’s departure.
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)