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There are bosses of large corporations who are literally bubbling over with charisma.

Otherwise, hardly anything comes across in their speeches.

With Manfred Knof, head of Commerzbank for six weeks, it's exactly the other way around.

He delivers his message in a very controlled manner: “I came here to make a difference and to lead Commerzbank back to success.” He promises shareholders and employees a strong and independent bank.

“I'll do everything for it,” says Knof.

"And anyone who knows me knows that I can be very persistent."

That almost sounds like a threat.

In fact, given the difficult starting position, his goal is extremely ambitious.

The institute is so weakened that it has been a candidate for takeover for years.

The effects of the corona pandemic have exacerbated the situation.

Knof focuses on profitability instead of growth

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Time is running out.

“A boss usually takes 100 days to get used to it,” says Knof.

“That doesn't work in my case.

The bank needs clarity quickly on important issues. "

The measures he plans are correspondingly tough.

Knof focuses on profitability instead of growth.

Above all, this means saving: Knof wants to close almost every second branch, in Germany every third job will be lost.

The boss himself describes his strategy as ambitious but feasible - and ultimately as no alternative: "We have no other choice." Knof wants to start the planned renovation quickly and make profits again this year.

He is aiming for a positive operating result for 2021.

In 2024 this is expected to increase to 2.7 billion euros.

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The new boss announced that 190 branches are to be closed this year.

The bank currently has a total of 790 branches nationwide.

In the corporate customer business, locations abroad are closed, among other things.

The net job cuts in the group amount to 7,500 jobs.

Knof wants to have the general conditions for the staff cuts in the towel by the time of the general meeting.

The dismantling should be "fair and decent".

At first, investors reacted disappointed.

The share was now more than six percent in the red.

Minus almost three billion euros

Last year, Commerzbank's earnings were heavily impacted by the Corona crisis.

The operating loss amounted to 233 million euros.

Because of the costs for the corporate restructuring and amortization of goodwill, the bottom line was a minus of 2.9 billion euros after a profit of 585 million euros in 2019.

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Due to its focus on German medium-sized companies, Commerzbank is particularly hard hit by the economic consequences of the corona pandemic.

For this year she expects a risk provision for impending loan defaults of 0.8 to 1.2 billion euros.

In 2020, the money house put 1.8 billion euros aside for bad loans, just as much as the much larger Deutsche Bank.

Overall, Knof wants to make the institute more digital - and of course save money as a result.

The direct bank Comdirect, which was recently completely merged with the group, should help.

Personal advice should then be given primarily to wealthy clients.

Critics speak of a two-class society.

In addition, Knof made it clear that Commerzbank would no longer offer free accounts and that the Comdirect pricing model was also being reconsidered.

Here, as with most other direct banks, customers are very price-sensitive.

A change would be a revolution.

But Knof is imperturbable: “This program is my mission.

We will not give up until we have reached our goal. ”Plans and announcements should finally be followed by action.

“We will implement.

I personally stand for that. ”His goal: a return on equity of seven percent.