Stefan Schmittmann, chief risk officer of Commerzbank, has informed the company of his intent to leave the bank at the end of this year.

In a statement, Schmittmann cited upcoming regulatory changes as part of the reason for his departure now, even though his contract with the company runs until the end of October 2016. "It has been clear for some time...that I will not be renewing my contract when it expires and will no longer be with the bank at that stage," he said. "That is why I think it makes sense for a new chief risk officer to be working constructively on this phase right now."

Schmittmann, who has been chief risk officer of Commerzbank since 2008, will remain involved with the company from 2016 onward as a member of the central advisory board. The bank's supervisory board said it "will decide on a successor in due course."