Commerzbank Names Deutsche Bank’s Knof CEO to Lead Cost Cuts

Knof chosen to lead lender’s biggest restructuring in a decade
Current CEO Martin Zielke to remain in the post until Jan. 1

Watch: Commerzbank AG has passed over internal frontrunners for a CEO in position at Deutsche Bank. Manfred Knof takes over as Commerzbank chief executive officer on Jan. 1. (Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Steven Arons

September 26, 2020 at 6:32 PM UTC

Updated on

September 27, 2020 at 11:41 AM UTC

This article is for subscribers only.

Commerzbank AG appointed Deutsche Bank AG German retail head Manfred Knof its new chief executive officer as it braces for its heaviest restructuring in a decade.

Knof, 55, who will take over from Martin Zielke on Jan. 1, has earned his reputation as a tough cost cutter, people close to him said, and he’s going to have to oversee a turnaround program at Commerzbank that may lead to about 10,000 jobs cuts, Bloomberg News has reported.