Commerzbank's Derivatives Plans Hit By Defection Of CFP IT Team

COMMERZBANK says its plans to integrate its derivatives subsidiary Commerz Financial Products (CFP) "will be finished on schedule by the end of this year" despite the departure of several key CFP staff, including its entire technology department.

"We are integrating CFP into the parent company," says a Commerzbank spokesperson. "This will take place by the end of the year, after which the subsidiary won't exist." Commerzbank's derivatives operations will be "reintegrated into the corresponding