Zielke-successor found: Deutsche-Bank-Manager Knof is the new Commerzbank chief

Zielke-successor is found
Deutsche-Bank-Manager Knof is the new Commerzbank chief

Commerzbank brings her new chief of the German Bank: Manfred Knof takes to 1. January 2021 announced the successor of Martin Zielke as the Frankfurt MDax-listed company on Saturday evening after a meeting of the Supervisory Board.

The personnel is still subject to the approval of the Supervisory authorities. The lawyer Knof, since the 1. August 2019 the private customer business of Deutsche Bank. Earlier today, 55-Year-old from Germany, was head of the insurance group Allianz. Knof was “an experienced and strong senior managers, has proved itself in a wide variety of tasks in the financial services industry,” said Commerzbank Supervisory Board Chairman Hans-Jörg Vetter.

With the appointment Knofs the beginning of August as the chief controller of the part-nationalised institution in the future, Vetter has regulated the succession of Zielke surprisingly quickly. Zielke had announced after sharp criticism from investors at the beginning of July his resignation. The Bank had decided to see the contract with the since the beginning of may 2016, acting group chief Executive no later than 31. December dissolve.

Zielke had not acknowledged that in the autumn of 2019, the measures adopted were disruptive enough to the Institute in the interest of making deep more profitable. The US Fund Cerberus as the second largest shareholder of the institution had accused the management of the Commerzbank, “to have over the years blatantly” failed.

The new Commerzbank-leadership is tough: For months, is discussed internally about a worsening of the savings rate. The number of the last almost 40,000 full-time positions could be cut by up to a quarter. Of 1000 stores could be just 200 left, in which customers can seek advice.