A small but steady number of people, estimated to be in the low thousands each year, are “sacked” by their banks in precisely this way.
The bank called a global review of its creative and media accounts, which were held by JWT and Mindshare respectively, in October last year.
Parent company HSBC is willing to inject capital to help build the business, although a capital increase for the German unit HSBC Trinkaus is not necessary for now, Schmitz said.
W&G Investments Plc, the investment vehicle led by former Tesco Plc Finance Director Andrew Higginson, plans to make a formal bid today of as much as 1.5 billion pounds ($2.4 billion) for 316 Royal Bank of Scotland Group Plc branches.
Commerzbank, which increased capital for the fifth time in four years in May to repay the state aid from 2009, is grappling with souring loans in shipping and commercial real estate.