EconomyEditor's PickNewsCommerzbank poaches Deutsche Bank’s Knof as new CEO

2 years ago375 min
imageStock Markets2 hours ago (Sep 26, 2020 03:10PM ET)

(C) Reuters. Commerzbank AG annual results news conference in Frankfurt

FRANKFURT (Reuters) – German lender Commerzbank (DE:CBKG) has poached a senior executive of its larger rival Deutsche Bank (DE:DBKGn) to assume the role of chief executive, filling a leadership vacuum after months of turmoil.

Manfred Knof, head of Deutsche Bank’s retail business in Germany, will assume the top spot at Commerzbank on Jan. 1.

He succeeds Martin Zielke, who resigned this summer in the wake of a revolt led by the private equity investor Cerberus, one of the lender’s largest shareholders.

The appointment allows Commerzbank to move forward with a new strategic plan that was put on hold until a new leader was found. The bank is looking at branch closures and shedding international staff to save costs.

Knof will assume office subject to approval from its regulator, the European Central Bank.

Knof is an “experienced and highly effective top manager who has proven himself in a wide range of tasks in the financial services industry”, said Hans-Joerg Vetter, chairman of Commerzbank’s supervisory board.

Commerzbank and Deutsche Bank had been in merger talks last year but called them off.

Commerzbank poaches Deutsche Bank’s Knof as new CEO

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *