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The cleaner:
Manfred Knof
has had this
reputation
since his time at Allianz
Photo: Alexandra Lechner
More than a year ago, Commerzbank boss
Manfred Knof
(55) examined the topic of branches from all sides and calculated it.
Does today's bank still have to be represented in every small town, always accessible digitally for its customers?
Does it lose too many corporate customers when it closes locations?
At that time Knof was still in charge of the private customer business of Deutsche Bank, and he decided on a comparatively soft cut: every fifth of the 500 German branches is to be closed.
Since then, the reputation of the relentless renovator has preceded him.
On January 1, Knof took over as CEO of Commerzbank, and the focus is already back on the branches.
The money house has been groaning under excessive costs for years, it will close 2020 with a minus.
And this time Knof wants to take harder action.
Commerzbank has so far relied on more suburban offers than its big neighbor.
Now the new boss has simply drawn up a simple calculation: Commerzbank's 800 locations in Germany are to become 400, say those who know the bank;
this is one of the key points of the restructuring plan that Knof is expected to present on February 11th.
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