Commerzbank Sacks US Business Managers
Commerzbank has sacked the head of its U.S. business, Hans Joachim Doepp, and another top manager responsible for the lending business in the United States, a Commerzbank spokesman said on Wednesday.
The spokesman declined to comment on whether the departures of the two executives were linked to the credit turmoil stemming from problems in the subprime mortgage market in the United States.
Germany's second-biggest bank has invested about 1.2 billion euros ($1.76 billion) in subprime-exposed instruments, mainly through its real estate unit Eurohypo.
It has written down about 300 million euros in the investments so far and analysts expect further declines when Commerzbank reports fourth-quarter results on Feb. 14.
The spokesman said the head of Commerzbank's London branch, Harry Yergey, is to succeed Doepp as head of the U.S. business.
The subprime crisis has led to a number of high-profile casualties at banks, including Citigroup chief executive Charles Prince and Merrill Lynch chief Stanley O'Neill.