Commerzbank boss avoids cash when paying

Commerzbank boss Manfred Knof hardly ever pays with notes and coins. "Actually, I always pay by app or card," he said in an interview with WELT AM SONNTAG. That's more convenient. If he does need cash, he “takes 200 euros with him when he goes shopping in the supermarket”. That could be for vacation or if he knew he was taking a taxi.

Despite his own payment behavior, the CEO ruled out the possibility that ATMs would be phased out in the near future. “As long as there are customers who want to pay in cash, Commerzbank will operate ATMs. I assume that there will still be vending machines in ten years' time," said Knof.

Regarding the economic prospects, the Commerzbank boss said that he was assuming at most a slight economic downturn as a result of the energy crisis. "With a bit of luck, from today's perspective, we will at most experience a slight recession in Germany - if at all," he said.

The companies quickly adapted to the new circumstances. "They have explored alternative energy sources, shifted supply chains and turned to other markets," Knof said. In addition, the prices for gas, heating oil and electricity have already fallen from their highs. The feared gas rationing has also not happened so far. "All in all, it hasn't been quite as bad as many predicted in the summer."

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