Weidmann to join Commerzbank in 2023

Former Bundesbank president will become chairman of the bank’s supervisory board
Jens Weidmann
Jens Weidmann
Bankenverband/Jochen Zick

Jens Weidmann, former Deutsche Bundesbank president, will join Commerzbank next year, the German lender said in a statement on November 19.

The bank issued the statement to announce Helmut Gottschalk, the current member chairman of the institution’s supervisory board, has decided to step down after the next annual general meeting in May.

It added that “in co-ordination with the Federal Ministry of Finance, he has also proposed Dr Jens Weidmann as a new member of the supervisory board, who will also be available as chairman of the supervisory board, if he is elected”.

Commerzbank said shareholder representatives on the presiding and nomination committee welcomed the proposal.

The German federal government is one of Commerzbank’s key shareholders. It owns a 15.6% stake ever since it bailed out the lender during the financial crisis 2007–09. Back then, Weidmann served as head of division for economic and financial policy for then-chancellor Angela Merkel.

Weidmann was Bundesbank president from 2011 to 2021 and in this capacity also served as member of the European Central Bank’s governing council. During that time, he famously antagonised ECB then-president Mario Draghi, opposing negative rates and asset purchases.

Indeed, the German governor was the only ECB board member to vote against the creation of the Outright Monetary Transactions (OMT) programme in 2012. Weidmann even testified against ECB sovereign bond purchases before the German constitutional court in 2013.

In addition to his role in Germany and in the eurozone, from 2015 to 2021, he was chairman of the board of directors of the Bank for International Settlements.

Commerzbank is the leading bank for German corporates. It serves around 11 million private and small business customers in Germany. The bank transacts approximately 30% of Germany’s foreign trade and is present in almost 40 countries in the corporate clients’ business.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: