CRZBF - Commerzbank names Deutsche Bank's Knof as CEO

Commerzbank (CRZBF) names Manfred Knof, head of rival Deutsche Bank's private bank in Germany, as CEO, succeeding  Martin Zielke, who remains CEO until the end of 2020.From Aug. 1, 2019 until its merger into Deutsche Bank AG in May 2020, Knof was chairman of DB Privat-  und Firmenkunderbank AG and is currently head of Deutsche Bank's German private bank.Zielke had resigned in July as shareholder Cerberus Capital Management pressured the bank's management to take bold actions to reverse its underperformance.In 2019, Commerzbank and Deutsche Banks entered merger talks as both German lenders struggled to bolster performance in a negative interest rate environment. Those talks fell apart in April of 2019.See Commerzbank and Deutsche Bank's negative revenue growth over the past three years:

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Commerzbank names Deutsche Bank's Knof as CEO