Frankfurt Manfred Knof cheers like a soccer player after the decisive goal in the World Cup final when he rings the bell at the Frankfurt Stock Exchange on February 27th. After four and a half years, Commerzbank has returned to the leading German index Dax – and the CEO is very proud of it. “Commerzbank is back,” he rejoices. “There, where it belongs – in the first stock exchange league in Germany.”
The 57-year-old has remodeled the Frankfurt money house in the past two years and cut more than 9,000 jobs. However, the main reason for the strong increase in profits in 2022 is the interest rate turnaround by the ECB.
Commerzbank benefits particularly strongly from it thanks to its large deposit business. Against this background, some observers find the way in which Commerzbank and its CEO celebrate themselves somewhat exaggerated.
“The management of Commerzbank did a good job, but of course the interest rate environment also helped,” says Andreas Thomae from Deka Investment.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
web and in our app.
Further