Commerzbank: How Zielke and Schmittmann’s positions became untenable

Commerzbank’s chairman Stefan Schmittmann and chief executive Martin Zielke

The joint resignations of Commerzbank’s chief executive Martin Zielke and chairman Stefan Schmittmann may have come as a shock for many investors.

However, the news will probably be well-received, as it is clear that the bank needs a much deeper restructuring than the one it was attempting before.

Zielke’s attempts to convince investors of his ability to boost the bank’s profitability have become less convincing as the restructuring at close peer Deutsche Bank has gained credibility.