Aug. 16 (Bloomberg) -- Commerzbank AG will merge its fixed income and currencies sales and trading arms under Nikolaus Giesbert as Germany’s second-biggest bank overhauls its senior management.
Hui-Sun Kim, divisional board member for fixed income and currency trading, will leave the company, Michael Reuther, who leads Frankfurt-based Commerzbank’s investment bank, said in an Aug. 14 memo to staff obtained by Bloomberg News today.
Commerzbank is cutting staff to bolster its profitability as the bank shrinks to meet European Union antitrust requirements stemming from its 2009 rescue by German taxpayers. The lender said last week that it will trim the number of seats on its executive board to seven from nine and cut first-level managers, currently 55, by about 20 percent in the coming weeks.
A call to Kim’s office number in London wasn’t connected. An e-mail to his Commerzbank address was returned with a message stating that he’s out of the office and not contactable. Margarita Thiel, a Commerzbank spokeswoman, declined to comment.
Kim, who joined the bank in 2000, overhauled its options trading, improved risk management and integrated the fixed income and currencies trading businesses of Commerzbank with Dresdner Bank after it was acquired in 2009, according to the memo.
The Wall Street Journal reported the plan earlier.
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