UPDATE 2-Commerzbank poised to cut management board to 7-sources

Wed Jul 31, 2013 1:09pm EDT

Related Topics

* Commerzbank to cut size of management board -sources

* Management board to reduce to 7 from 9 members -sources

* Cut is response to overall staff reduction -sources (Adds positions under review)

FRANKFURT, July 31 (Reuters) - Commerzbank's supervisory board will next week discuss cutting the size of its management board to seven from nine members, three sources familiar with the matter said on Wednesday.

The positions of Ulrich Sieber, board member responsible for human resources, and Jochen Kloesges, currently responsible for non-core assets, are under review, two supervisory board sources said on Wednesday.

The bank declined to comment.

Germany's second-largest lender is in the midst of a radical cost-cutting programme which includes shedding 5,200 of its 45,000 staff.

Reducing the size of the management board is a logical step given the overall reduction in size of the bank, which is still 17-percent owned by the German state. Cross-town rival Deutsche Bank has a management board with only seven members.

The board of directors is set to meet ahead of quarterly earnings results on August 8. (Reporting by Alexander Huebner, Kai Pfaffenbach and Philipp Halstrick; writing by Edward Taylor; editing by Patrick Graham)

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