At Germany’s second-largest private bank, there has been tremendous fluctuation on the Management Board and Supervisory Board over the past year.
(Photo: dpa)
Frankfurt At Commerzbank, a failed major IT project now also has financial consequences for the manager responsible. Because of the failure of the outsourcing of securities processing to HSBC, the institute will reduce the bonus payments to former board members Frank Annuscheit and Jörg Hessenmüller, as several people familiar with the topic told the Handelsblatt. In total, this is a six-figure sum.
Commerzbank, which did not want to comment on the subject, initiated the outsourcing at the end of 2017 under IT director Annuscheit. In the summer of 2021, the new CEO Manfred Knof stopped the major project, which was called “Sirius” internally, after numerous breakdowns and delays. Commerzbank therefore had to make a special write-off of 200 million euros and also set up provisions in the tens of millions.
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