Three years into Commerzbank AG Chief Executive Officer Martin Zielke’s turnaround, the party’s over.
Shares of the lender fell to a record low Monday, capping a roller coaster ride that saw the stock more than double after the CEO announced his plan, buoyed by expectations for higher interest rates and consolidation in European banking. Zielke has refocused the bank on lending to corporate and individual clients in Germany, turning it into a proxy for economic growth and interest rates in the region that attracted investors such as Cerberus Capital Management.