Mr Blessing, 41, now finds himself following in his forefathers’ steps. Having been put in charge of Commerzbank’s crucial corporate banking business in early November, he is the ‘Crown Prince’ to succeed Klaus-Peter Müller, who at 60 is expected to step down as CEO in a few years. “The corporate banking business, which accounts for around half of the bank’s operating profit, is Mr Blessing’s final exam. If he masters it, he will graduate as CEO,” observes one Commerzbank expert.
Although Mr Blessing has never worked in German corporate banking before, he has plenty of experience as a senior manager and has been enormously successful in the area of retail banking. After beginning his career at the consultancy McKinsey – where he advised banks – Mr Blessing joined Dresdner Bank in 1997 as deputy head of retail banking. He impressed the board so much that three years later he was named CEO of Advance Bank, Dresdner’s now defunct online banking service.