...July 6, 2020 FRANKFURT (S&P Global Ratings) July 6, 2020--S&P Global Ratings said today that the unexpected resignations of the CEO and the chairman of the supervisory board of Commerzbank AG (###+/Negative/A-2) will make the execution of the bank's multi-year "Commerzbank 5.0" restructuring program more difficult. We expect a revised strategy under a new CEO could mean further substantial cost measures, given ongoing pressure on revenues and likely higher credit losses stemming from the impact of the COVID-19 pandemic. The presiding and nomination committee of Commerzbank's supervisory board has supported CEO Martin Zielke's offer to resign early, by the end of this year at the latest, and the supervisory board will take a decision on July 8. Stefan Schmittmann, the supervisory board's chairman, will resign in early August. The cyclical downturn arising from the pandemic has already severely impeded the execution of Commerzbank's restructuring program, which aims to improve efficiency...
