Commerzbank has hired Klaus Hoffmann, a former banker at Dresdner Kleinwort Wasserstein, as head of foreign exchange and FX options trading within its newly-formed corporates and markets division headed by Nicholas Teller.

Hoffman will oversee FX trading, spot FX, local FX and options trading, from the bank's Frankfurt office and replaces Nozar Hussein who left the bank following Commerzbank's restructuring which cut 900 jobs last year.