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Commerzbank loses divisional head after announcing restructuring

's head of lendingto medium-sized businesses, Markus Beumer, will leave the lender at the end ofOctober, Handelsblatt reported Sept.30, citing a statement from the bank.

Confirmationof Beumer's departurearrived the day after the German bank announced it would his unit, the so-calledmittelstandsbank, with its corporate and markets segment, resulting in 9,600job losses.

Havingled Commerzbank's most lucrative unit since 2008, Beumer had been tipped tobecome CEO prior to Martin Zielke's appointment in March, Handelsblatt added, pointing outthat the mittelstandsbank had suffered from the low-interest-rate environment.Beumer asked for his contract to be terminated because he wanted "to takeon a new task," the bank reportedly said.