founded february 26 1870 ; 146 years ago 1870 02 26 headquarters kaiserplatz frankfurt hesse germany key people martin blessing ceo and chairman of the executive board klaus peter m ller chairman of the supervisory board operating income 1.909 billion 2015 profit 1.062 billion 2015 total assets 532.6 billion 2015 number of employees 51 305 2015 website www.commerzbank.com commerzbank ag is a global banking and financial services company founded in 1870 with its headquarters in frankfurt germany . commerzbank is germany s second largest bank holding a nationwide network of branch offices numerous offshore branch offices and representations in more than 50 countries globally which employs a total of 51 782 employees as of june 2014 . it offers its clients retail and commercial financing services investment banking services asset management and private banking services . contents 1 history 2 commerzbank tower 3 criminal activity 4 references 5 external links history edit commerz und disconto bank hamburg 1874 . former seat of hessischer bankverein in kassel which was taken over in 1922 the building is used since then by commerzbank commerzbank was founded in 1870 by individual and merchant bankers in hamburg germany . ship owner c. woermann was the first chairman of the super visory board of commerz und disconto bank from 1870 . 1 the bank grew through a series of over 50 mergers acquisitions and restructures in the following period through hyperinflation and the accompanied difficulties in the german economy . in 1940 the name commerzbank aktiengesellschaft by which the bank was generally known was officially adopted . with the division of europe after world war ii three regional banks were united in 1958 to form commerzbank ag which had its headquarters in d sseldorf . commerzbank stepped up its economic financing activities and started expanding around the globe . from 1970 onwards the bank s administrative activities were shifted to frankfurt am main which has been its legal domicile since 1990 . 2 commerzbank suffered reversals in a disastrous foray into investment banking in the first half decade of the 2000s and eventually shut down its commerzbank securities investment banking unit run by mehmet dalman and roman schmidt after chairman klaus peter m ller labelled it a problem child and a review by consulting firm mercer oliver wyman which concluded that commerzbank securities lacked a viable business model . 3 4 5 6 what was left of commerzbank securities was folded into a division of the commercial bank called corporates and markets . further mergers acquisitions and restructures saw the group grow to servicing over 4 million customers in 1998 6 million customers in 2001 and 15 million post the global financial crisis oriented takeover of dresdner bank from allianz for 5.5 billion in 2008 . to get sustainability profit in 2016 commerzbank planned to cut 9 600 jobs or about a fifth of its workforce in 4 years . 7 commerzbank tower edit commerzbank tower in frankfurt it is the tallest building in frankfurt and the tallest building in germany measuring 300.1 m 985 ft to antenna top with 56 storeys . it was designed by british architect norman foster and was europe s first ecological skyscraper . citation needed criminal activity edit for more than a decade commerzbank was involved in laundering hundreds of billions of dollars out of iran sudan and myanmar against us sanctions . 8 commerzbank agreed to pay 1.5 billion in fines and dismiss several employees for their role in laundering 253 billion and for helping the japanese company olympus corporation orchestrate accounting fraud . 9 10 references edit commerzbank s history on commerzbank ag site . history from 1870 until today on commerzbank ag site . althaus sarah 2004 09 30 . commerzbank unit chief to quit . ft.com . retrieved 2013 10 26 . commerzbank culls 900 as losses grow . efinancialnews.com . 2004 11 09 . retrieved 2013 10 26 . http www.nytimes.com 2004 11 10 business worldbusiness 10bank.html pagewanted print & position & r 0 http www.economist.com news finance and economics 21629559 germanys flagship bank trouble some its own making weary lender commerzbank to cut 9 600 jobs by 2020 . september 30 2016 . http thehill.com policy finance 235500 german bank to pay 145 billion to settle money laundering charges http www.nytimes.com 2015 03 13 business dealbook commerzbank pays 1 45 billion to settle us investigations.html https www.documentcloud.org documents 1686358 justice dept settlement with commerzbank.html external links edit media related to commerzbank at wikimedia commons official website v t e dax companies of germany adidas allianz basf bayer beiersdorf bmw commerzbank continental daimler deutsche bank deutsche b rse deutsche post deutsche telekom e.on fresenius fresenius medical care heidelbergcement henkel infineon technologies k s linde lufthansa merck munich re rwe sap siemens thyssenkrupp volkswagen vonovia v t e investment 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