Press Release Press Release


November 13, 2008

Second management level of the new Commerzbank appointed

• Further milestone achieved in preparing for integration

• Strutz: "Managers from both banks evenly represented in many core areas”

The preparation for the integration of Dresdner Bank with Commerzbank continues to be well on track. Following the appointment of the first management level ("Executives”) below the Board of Managing Directors, three weeks after the announcement of the takeover, the second level of managerial employees has now been selected. The second management level will comprise approximately 370 positions in the new Commerzbank Group. Only a few positions have yet to be allocated.

"These early appointments of the second management level enable us to continue to accelerate the integration process ", said Eric Strutz, Member of the Board of Commerzbank and responsible for Human Resources. Almost 60% of the employees in the new second management level come from Commerzbank while over 40% are currently deployed by Dresdner Bank. "In core areas, such as the private clients business, around half of the positions have been occupied by employees of Commerzbank and Dresdner Bank, respectively”, said Strutz.