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"Financial Times": Commerzbank Considers Cutting Thousands of Jobs
Economy
Finance
Commerzbank is considering cutting thousands of jobs in order to prevent a takeover by Unicredit. The works council will be informed in the coming weeks.
2025-01-18 17:55:08
Business
Companies
Finance
Commerzbank's Job Cuts Amid Takeover Concerns
Commerzbank is contemplating significant job reductions, potentially in the low thousands, in response to Unicredit's interest in increasing its stake from 28% to 29.9%. Concerns are mounting as the works council warns that a takeover could lead to the loss of up to 15,000 jobs.
The German federal government has rejected Unicredit's takeover approach, emphasizing the need for Commerzbank to enhance its competitiveness. With a stake exceeding 30%, Unicredit would be obliged to submit a formal takeover bid.
Commerzbank has been communicating with investors regarding these developments, although it cannot preempt the discussions of its Management and Supervisory Boards. As the situation evolves, the bank must navigate these challenges while addressing employee concerns and maintaining operational stability.
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Frankfurter Rundschau
"Financial Times": Commerzbank Considering Cutting Thousands of Jobs
Commerzbank is considering cutting thousands of jobs; Unicredit controls 28% of the bank and wants to increase its stake to 29.9%; A takeover by Unicredit could cost 15,000 jobs in Germany.
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