Few people would want to be in Carsten Schmitt's shoes at the moment. Taking on the role of CFO in the middle of a defensive battle against a takeover by a European competitor is not a task for opportunistic careerists. But perhaps that is precisely why Commerzbank made the right choice.

Schmitt, who stood on the podium alongside CEO Bettina Orlopp for the first time at last week's annual press conference, is „very attached“ to Commerzbank, says a long-time colleague. After moving to Danske Bank as Head of Group Strategy and Group M&A in the fall of 2021, following former Commerzbank CFO Stephan Engels, he has been back under contract with the yellow bank since 1 February.

Schmitt had previously worked for Commerzbank his entire professional life. After training as a banker in his hometown of Hamburg, Schmitt started as a trainee in the Corporates & Markets division in Frankfurt shortly before the turn of the millennium. Just four years later, he took over team management in the Structuring & Trading sub-segment, before being responsible for the takeover and integration of the former Essen Hyp and Eurohypo as co-project manager from the end of 2006.

The former colleague from the project in Essen describes Schmitt as „very analytical and thorough“; he wants to get to the bottom of things. He doesn't get bogged down unnecessarily with hierarchies, he approaches people directly and is characterised by his rhetorical strength: „He manages to get people behind him and motivate them.“ A former colleague from Schmitt's time at Group Finance also says that he is „open and honest.“

Strong communication skills and empathy make him an „excellent leader.“ „He doesn't lack decisiveness, he's a very good listener and he's a brilliant mind,“ says the banker, who now works in a different area. During his time as divisional director, Schmitt supported the full acquisition of Comdirect from the perspective of the finance function, and developed the new organisational structure of the finance department.

„Carsten Schmitt is an excellent addition, both personally and professionally,“ said Orlopp in her speech last Thursday. He presented the bank's latest business figures to journalists in a confident style, even though he has only been on board since 1 February. The journalists present also felt the charisma attested to by former colleagues and employees; Schmitt appeared with a permanent smile, and by no means as stiff as one would expect from some other finance directors. It is therefore also credible when Schmitt is described as someone who can quickly win people over – regardless of age.

Communication skills are essential for board members, especially in crises. It is important to contain fears about the future and to prepare the workforce for challenges. His colleagues attest that Schmitt is certainly pragmatic. In spring 2019, for example, he was involved in the merger talks with Deutsche Bank. According to his former colleague, he demonstrated political skill in this acid test. „He has proven that he is not only a steamroller, but also politically gifted.“

There is a lot to suggest that Schmitt is the right man for the job at Commerzbank, whose independence is in jeopardy. If the worst comes to the worst, however, the 47-year-old may have to bow down to higher powers. If Unicredit boss Andrea Orcel implements his plans, the CFO at Commerzbank will likely be one of the first to be ousted.