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Disharmony at Commerzbank

Eddie Listorti and Stefan Gtter have decided against joining the merged Commerzbank-Dresdner Kleinwort business next year in which they have been assigned level one management positions to run fixed income and sales respectively.

Last month Commerzbank named its most senior managers for the merged operation including Listorti, currently head of fixed income, currencies and commodities (FICC), and Gtter, who is head of global distribution at Dresdner Kleinwort. The integration process is expected to complete in Q3 next year.

While the banks decline to comment on the decisions a source at Dresdner says the two men had differences of opinion with senior management at Commerzbank over the business model and how the businesses should be run.

Theirs were two of just 15 top level positions that Commerzbank handed to Dresdner employees; 40 of the members of the new executive level already work for Commerzbank.

It is expected that Listorti and Gtter will stay at Dresdner Kleinwort until at least January next year. Commerzbank and Dresdner are in phase one of the integration, which essentially involves regulatory issues and as such, the banks are still two legal entities. Phase two, beginning early next year, will involve planning and preparing for the integration up until Q3 when the managers will assume their new roles.

Listorti has been head of FICC since October 2006 when he replaced Harry Culham who left for Merrill Lynch. He joined Dresdner in 2000 as head of FX and commodities in Asia.

Sources say Commerzbank has not yet appointed a new head of fixed income for the merged company. Willi Ufer, who was global head of fixed income at Commerzbank left at the end of September. Currently, HS Kim, the bank’s head of interest rates is acting head of fixed income.

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