An odd business

9 July 2004 By Edward Hadas Follow @edwardhadas

Commerz should rethink securities business Commerz has long had ambitions too big for its balance sheet. Keeping Dalman suggests that they are still confused. Mehmet Dalman, head of Commerzbank Securities, denies reports that he was planning to leave. That may be so, but his business is a bad fit.

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Several newspapers reported that Mehmet Dalman, head of Commerzbank Securities, was about to leave the bank in order to set up a hedge fund. He intended to recruit a significant number of other Commerzbank employees to join him, according to reports. Plans were reportedly well advanced.

After a Commerzbank managing board meeting on Tuesday 6 July, Dalman stated that, These rumours are unfounded. I am very happy here at Commerzbank.

Commerzbank Securities reported an operating profit of E130m in the first quarter of 2004. In 2003, it reported a profit of E3m, after a loss of E296m in 2002. The operation had an operating profit of E256m in 2001. The bank has assigned between E900m and E1.3bn of capital to the securities business.

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