Commerzbank has become the latest company to drop EY as its auditor in the wake of the Wirecard accounting scandal whose accounts EY had signed off for years. 

German payments company Wirecard collapsed in June after a €1.9 billion hole was discovered in its books. 

Commerzbank booked some €175m in losses related to loans to Wirecard. 

Investors and creditors are distancing themselves from EY to avoid potential conflicts of interest as they weigh possible legal action to recoup their losses. 

The decision by Commerzbank was taken at a meeting of the German bank's supervisory board yesterday and will be effective for the 2022 financial year. 

It follows a similar move this week by German fund manager DWS.