When Nick Teller was appointed CEO of Commerzbank’s corporates and markets division in November 2004, following the sudden departure of his colourful predecessor, Mehmet Dalman, his brief was clear: cut costs, trim the investment bank’s ambitions, and reduce risk and earnings volatility.
Mr Teller was no stranger to restructuring. As a member of the board of managing directors since April 2003, his previous role included a revamp of the German group’s mittelstand (small and medium-sized enterprises) division, which “wasn’t making as much progress in key areas, as we would have liked”.