Commerzbank – major project with consequences – economy

Commerzbank does not come to rest: According to reports, the criticized IT director Jörg Hessenmüller has to vacate his post this week. As the Manager magazine reported, the supervisory board will probably decide on Hessenmüller’s departure this Wednesday. In addition, the supervisory body could decide who will be the new board member for private customers. Commerzbank did not want to comment. Hessenmüller left a request unanswered.

Hessenmüller’s departure would be particularly spicy because the supervisory board has just extended his contract by five years. The stumbling block is a major IT project for which Hessenmüller is responsible, which has developed differently than planned, which the Supervisory Board has now investigated. A report with significant results was recently presented, it was said in media reports. These did not allow any other conclusion than to look for a replacement for the responsible board member.

The money house announced in July that the planned outsourcing of securities processing to a subsidiary of the major British bank HSBC had been stopped. Depreciation of around 200 million euros was the result, which is one of the reasons why the institute made losses in the second quarter. Starting from an annual high in summer, the bank’s shares have recently lost around 20 percent of their value and were most recently listed at EUR 5.55. The new CEO Manfred Knof took office at the beginning of January with the aim of making the still state-owned bank profitable.

It was said in July that the company is now checking who is responsible for the failure of the major project. At that time, Hessenmüller still received support from the employees on the supervisory board. It will now be interesting to see whether the bank will pay out Hessenmüller’s contract if there is a separation. That should be several million euros in total. This indicates that the manager has so far allegedly not been able to prove any misconduct, as it was said in corporate circles. At the same time it was heard that Hessenmüller had only informed the supervisory board about the problems after his contract was extended. If so, there should be discussions about the payout.

Reports that Jutta Dönges would move to the board and take over the private customer department were rejected. The rumor was “simply incorrect,” said the managing director of the federal finance agency, which represents the federal government on the supervisory board. She had “never sought a change from the supervisory board to the board of directors of Commerzbank”.


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