Commerzbank Told to Speed Up Restructuring by ECB

The European Central Bank has urged Commerzbank to speed up its restructuring efforts with the region’s top financial regulator expressing concern about lacklustre profitability and a bloated cost base at Germany’s second-largest listed lender, the Financial Times reported. The unusually frank assessment of the strategy of a bank that meets all key regulatory requirements was made by an unnamed ECB official who attended a Commerzbank supervisory board meeting, people familiar with events told the Financial Times. The remarks, first reported by Handelsblatt, were made in December but only became public this week. It is common practice for regulatory officials to attend the supervisory board meetings of the big groups they oversee once a year, according to people familiar with the procedure. Read more