July 6, 2020 / 8:51 AM / a month ago

Moody's says Commerzbank resignations "credit negative"

FRANKFURT, July 6 (Reuters) - Moody’s on Monday warned that resignations by Commerzbank’s top leadership were “credit negative”.

“It raises questions about the bank’s strategic plan and increases uncertainties about the bank’s future financial profile,” Moody’s said.

Commerzbank’s chairman and chief executive unexpectedly stepped down on Friday, bowing to demands from top shareholder Cerberus that the German lender change its strategy to stop a downward spiral in its financial performance.

Reporting by Tom Sims; Editing by Maria Sheahan

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