Commerzbank AG’s decision a few years ago to poach Manfred Knof made him the lender’s best-paid chief executive officer ever.

European stocks are expected to open in broadly higher territory Wednesday ahead of a U.K.-focused day for markets.

Commerzbank's new CEO, Manfred Knof, wants to cut 10,000 jobs and close hundreds of branches as part of a strategy revamp. Knof says Commerzbank is working to remain independent. UniCredit CEO ...