Commerzbank Picks Deutsche Bank’s Knof as CEO for Overhaul

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)

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By Steven Arons

September 27, 2020 at 7:40 PM UTC

Updated on

September 28, 2020 at 7:14 AM UTC

This article is for subscribers only.

Commerzbank AG passed over internal front-runners in favor of an executive with a reputation for tough cuts at its biggest rival to push through one of the largest restructuring programs in its history.

Manfred Knof, 55, head of German retail banking at Deutsche Bank AG, takes over from Martin Zielke as Commerzbank chief executive officer on Jan. 1, according to a statement this weekend. His main task: overseeing a turnaround that may lead to about 10,000 jobs cuts, Bloomberg News has reported.