November 6, 2013 / 12:16 PM / in 4 years

Commerzbank says management board to shrink to 7 members by 2014

FRANKFURT, Nov 6 (Reuters) - Germany’s Commerzbank said Jochen Kloesges and Ulrich Sieber will leave by year end, shrinking the management board of the country’s second-largest lender down to seven from nine members.

The board reduction is part of a broader restructuring drive to cut costs launched in November 2012, the bank said on Wednesday. (Reporting by Edward Taylor)

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