Knof, who trained as a lawyer, spent the bulk of his career at insurance group Allianz (ALVG.DE) before a 2019 move to Deutsche Bank (DBKGn.DE), where he was head of retail operations in Germany. It also includes severance packages and retraining programmes.Ĭhristoph Schmitz, an official with the Verdi union, said the agreement would effectively prevent forced redundancies and slow departures so that the remaining workforce was not overburdened. The job agreement includes early retirement and reduced hours for older employees. Knof told employees in January that cuts were a necessary "bitter pill", and over recent months, management has negotiated the reductions with labour representatives, hoping to clinch a deal before the bank's annual shareholder meeting in May. The bank on Friday said that the restructuring bill would be higher than initially envisaged at slightly more than 2 billion euros. Weeks after becoming Commerzbank CEO at the start of the year, Knof announced plans to cut 10,000 jobs and close hundreds of branches in a 1.8 billion euro ($2.2 billion) restructuring. It has never fully recovered after a state bailout during the last financial crisis more than a decade ago and lost 2.9 billion euros in 2020. "Today, we have taken a major step towards achieving our sustainable cost targets - and towards our goal of making Commerzbank sustainably profitable," the CEO told Reuters.Ĭommerzbank hopes the revamp will revive its fortunes as a standalone bank as it tries to turn a new leaf after management reshuffles and strategy flip-flops. The agreement, announced by the bank and union officials on Friday, is central to Knof's effort to streamline the country's second-biggest listed lender and return it to profitability. FRANKFURT, May 7 (Reuters) - Commerzbank (CBKG.DE) Chief Executive Manfred Knof has struck a deal with employees over a job reduction plan, paving the way for the German bank to cut 10,000 jobs globally.
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