Commerzbank’s New CEO Shuffles Leadership Amid Strategy Revamp
(Bloomberg) -- Commerzbank AG Chief Executive Officer Manfred Knof, who assumed his post last month, is shuffling the lender’s senior leadership ranks a day after presenting plans for an ambitious turnaround.
The lender will “significantly reduce” the number of roles directly below the management board, according to an internal memo seen by Bloomberg. The executives affected have already been identified, and the bank expects to implement the changes by the end of the year, it said in the memo.
Knof is planning one of the deepest restructurings in Commerzbank’s history after the failure of two efforts by his predecessor, Martin Zielke. A key plank of the new strategy is to slash costs by eliminating a third of positions in the company’s home market.
The headcount reductions need to be negotiated with the Commerzbank’s labor representatives. The bank expects to reach a framework agreement by its annual general meeting on May 5, and a full accord by the end of the year.
One senior executive, Stephan Mueller, has decided to leave the bank by April, the bank said in a separate memo earlier Friday.
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