Because already in the first quarter of this year, 9 billion euros in deposits from private customers flowed from Commerzbank accounts. This was also due to the fact that some consumers used up their savings in view of the persistently high inflation. But at the same time they invested assets in bonds, which now yield higher interest rates. And: Customers have taken their money to other institutions that are already paying higher interest rates. For example, Commerzbank only offers interest rates of 0.6 percent for money market accounts, while direct banks sometimes offer 3 or more percent, such as the ING and the Consorsbank.
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Weidmann will soon have to consider with the board how the bank will deal with its crumbling growth prospects. In the fall, the institute, headed by CEO Knof, intends to present a strategy for the coming years, the development of which Weidmann will have to monitor.