“We assume that by the end of the year we will have reached agreements with most of the affected employees,” said CEO Manfred Knof of the Frankfurter Allgemeine Zeitung (FAZ). “As of mid-June, we already have almost 7,000 individual contractual solutions.” The bank has set itself the target of cutting around 10,000 gross jobs by 2024.
Knof admits that it is not always possible to immediately replace the retiring employees and the closed branches with new digital services. “With a conversion like ours, it can hardly be avoided that it squeaks in one place or another,” said Knof, who succeeded Martin Zielke in January 2021.
In just a few months, Commerzbank managed the turnaround under Knof, and the bank has predicted annual profits of EUR 1 billion for 2022 as a whole.
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