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Frankfurt / Main (dpa) - The new Commerzbank boss Manfred Knof does not want to lose any time in the rebuilding of the institute.
"In the first quarter my management team and I will present the strategic guard rails for the coming years," writes Knof in a letter to the employees that is available to the German press agency and from which the "Handelsblatt" (Tuesday) quoted.
The development of a "sustainable strategy" is right at the top of his agenda, emphasizes the manager who has been in office since January 1st.
“The core of the strategy will be to make the bank more profitable in the long term.
We can only shape our future ourselves if we succeed. "
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For months now, Commerzbank, which has been partially nationalized since the 2008/2009 financial crisis, has been struggling internally to tighten the austerity measures announced in autumn 2019.
In view of advancing digitization, further drastic cuts in the branch network and further job cuts are expected.
However, the group restructuring came to a standstill because after a surprising double resignation, the top management and supervisory board had to be filled.
CEO Martin Zielke quit after harsh criticism from investors and left the bank at the end of 2020, supervisory board chairman Stefan Schmittmann was replaced by ex-Landesbanker Hans-Jörg Vetter at the beginning of August.
Knof is now to drive forward the restructuring of the group.
Before moving to Commerzbank, the lawyer was in charge of the private customer business at Deutsche Bank; previously he was head of Germany at the insurance group Allianz.
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"Commerzbank needs a profound transformation in order to get all the good and positive that is in it," writes Knof to the workforce of the Frankfurt-based MDax group.
“It's not going to be a comfortable path, and no doubt the transformation we need will involve even more tough decisions and further restructuring.
But they are necessary and the sooner we start, the better! "
Knof underscores his determination with a change in the distribution of responsibilities on the bank's intranet: the new CEO is taking over responsibility for strategy and sustainability from Jörg Hessenmüller and is bundling these together with a “Transformation Office” in a new area, “Group Strategy, Transformation & Sustainability »In the department of the CEO.
Head of HR Sabine Schmittroth, who has been managing private customer business on an interim basis since October, will remain on the board of directors for private customers for the long term.
© dpa-infocom, dpa: 210105-99-903525 / 2
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Communication from Commerzbank on Knof's appointment on September 26, 2020
Deutsche Bank on Knof's arrival 7/31/2019
Commerzbank annual reports
Presentation of Commerzbank strategy “Commerzbank 5.0” September 2019
Analyst estimates on Commerzbank results
Board member Commerzbank