Three execs dumped by Commerzbank

2 January 2008

Commerzbank has axed two of its top bankers and moved the job of a third after a difficult year for the bank.

According to the Times, Hans Joachim Doepp, head of New York operations, and Juergen Boysen, who is Commerzbank's credit chief in the Big Apple have been sacked by the bank.

Michael Schmid, head of Commerzbank's global credit business in Frankfurt has been forced to give up his job and has had to take up another position, the newspaper reports.

Although a spokesperson for the bank would not comment on the reasons behind the departures, it is believed to be related to the sub-prime losses the bank sustained this year.

Commerzbank made a $427 million writedown in the third quarter due to the sub-prime crash in the US and more losses are expected when it reports fourth-quarter results in February.

The head of the bank's London branch, Harry Yergey, will take on Mr Doepp's role as head of the New York business, a spokesman confirmed.

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