Some of the biggest shareholders of Commerzbank AG are not satisfied with the Frankfurt-based lender's recently unveiled turnaround strategy, people familiar with the matter told Bloomberg News.
At least two investors, including 5% shareholder Cerberus Capital Management LP, doubt that the new plan will be enough to secure the bank's future, the sources said. They reportedly believe that the profitability targets could be more than doubled and consider the planned sale of Polish arm mBank SA a mistake.
Regulators are also in two minds about the plan, which involves thousands of job cuts and branch closures over several years, according to the Oct. 25 report. Fitch Ratings revised its outlook on the bank to negative, citing material execution risks entailed by the plan.
"Commerzbank 5.0" also envisages hefty investments in IT and technology and the absorption of digital unit comdirect bank AG.
The German government, which holds 15% of Commerzbank, commissioned Boston Consulting Group to evaluate the lender's strategy for 12 months at most, Bloomberg added.