August 9, 2022

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According to the latest reports, a deal has been struck between the employees and the Chief Executive of Commerzbank. The reports suggest that Manfred Knof, the CEO at Commerzbank, and the bank’s workers have struck a deal and a plan for job reduction.

As part of the deal, the German bank will be going forward with its plan to reduce 10,000 jobs from its branches all over the world. The union officials and the bank have made the announcement around their new agreement on Friday, May 7.

The deal struck between the bank’s executives and the workers were the idea of Knof. As the CEO of Commerzbank, Knof has been making many efforts in order to streamline the processes for the bank.

Despite being the second-largest lender in Germany, Commerzbank has been facing many losses for several years. Therefore, the CEO has been making all the efforts to bring profitability back to Commerzbank. The bank now is not doing too well in terms of profits and turnovers.

Therefore, Knof has been making necessary deals to cut down extra costs and ensure the bank increases its profits.

During the conference, Knof talked about the significance of the recent deal between the bank and the employees. He stated that their bank has taken the first step in bringing back sustainability and profitability to Commerzbank.

In the past couple of years, Commerzbank has made several changes to its systems and policies, in order to bring its old glory. Some of the major changes include the shuffling of the management at Commerzbank. Furthermore, the bank also brought changes to its strategies and policies to make them more sustainable, and profitable.

Knof stated that during the last financial crisis more than a decade ago, the bank took a huge hit to its profits and revenues. The financial losses were so much that Commerzbank still has not been able to recover from it. According to Commerzbank, it ended up facing €2.9 billion worth of losses in the year 2020.

Manfred Knof had become the chief executive officer at Commerzbank at the beginning of 2021. Since then, Knof has made several changes to the institution’s financial systems, and cutting down on 10,000 jobs was one of his ideas.

In addition to the above, Knof has also closed hundreds of branches all over the world in order to restructure its systems that would see the company spend €1.8 billion.

While making the announcement on Friday, May 7, Commerzbank revealed that it had expected the restructuring would cost the company more than €2 billion. Knof clarified that cutting down on employees was an inevitable step that the company had to make.


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