Commerzbank rejects Cerberus demands for supervisory board seats

Commerzbank , under fire for its strategy and leadership, on Friday rejected demands by top investor Cerberus for two seats on the German bank's supervisory board, according to a letter seen by Reuters.Earlier this week, Cerberus launched a public campaign for change at Germany's second-biggest bank, demanding the seats, as well as cost cuts and a strategy shift."We don't have any vacancies," said the letter from Commerzbank's chairman Stefan Schmittmann to Cerberus.