Commerzbank Ends Equities Trading in Nod to Rival Turnaround
- Move is part of new CEO Manfred Knof’s turnaround effort
- Strategy mirrors Deutsche Bank’s restructuring two years ago
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Commerzbank AG will end its own equity trading and research as Chief Executive Officer Manfred Knof embarks on a major restructuring that increasingly resembles the turnaround effort at competitor Deutsche Bank AG.
Commerzbank will instead offer the services to its clients through cooperations with other providers, Knof, a former Deutsche Bank executive, said Thursday as he outlined a cost-cutting program that’s designed to stretch through 2024. He didn’t say by when he plans to have that cooperation in place.