The new chairman of the supervisory board of Commerzbank was initially underestimated by many.
(Photo: dpa)
Frankfurt Suit, tie, pocket handkerchief, plus a thin, but thoroughly obliging smile – Helmut Gottschalk looks exactly like you would imagine the former head of the Volksbank Herrenberg-Nagold-Rottenburg to look like. It’s just that the 70-year-old no longer resides in the Swabian province, but on the upper floors of the Commerzbank high-rise building that dominates the skyline of the financial metropolis of Frankfurt.
And this is exactly where the problems begin: When Gottschalk was elected chairman of the supervisory board of Germany’s second-largest private bank a good year ago, many underestimated him. Many executives thought that the friendly older gentleman from the rather tranquil world of the cooperative banks would let the management do its thing. Today they realize that they were completely wrong.
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