Commerzbank with a bang: Deutsche Bank Manager takes over

It didn’t take too long to wonder who will take over as CEO of Commerzbank from 2021 – probably one of the most difficult jobs in the German banking landscape. The MDAX-listed group found what they were looking for at Deutsche Bank, of all places: From January 1, 2021, Manfred Knof will succeed the current Commerzbank boss Martin Zielke, who announced his departure at the end of 2020 in the summer of this year. Probably just a formal obstacle: the pending approval of the banking supervisory authority for the personnel.

The 55-year-old studied lawyer Knof is currently head of the private customer business at Deutsche Bank in Germany and was previously on the board of Allianz Deutschland AG. There, Knof “comprehensively digitized the insurer’s business, was responsible for the growth initiatives in all sales channels and the management of the turn-around program of Allianz,” according to Commerzbank.

The personnel should also emphasize the future focus of the bank: digitization and private customer business, at the same time drastically reducing costs. Not an easy job for Knof to take on.

It remains to be seen the reaction of the stock exchange to the change, which came as a surprise: Most recently, the Commerzbank share price slipped from EUR 5.35 to just under the EUR 4 mark, where the MDAX share on Thursday and Friday was in the range of the lower Bollinger band (currently EUR 3.992). Below EUR 3.98 there is a technical support zone that extends to EUR 3.77 / EUR 3.86 and can definitely be classified as stronger support. Chart technical hurdles await the Commerzbank share between 4.17 / 4.22 euros and 4.25 / 4.26 euros and around 4.35 euros.

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