Commerzbank is contemplating significant job cuts to thwart a potential takeover by UniCredit, which currently holds 28% of shares and seeks to increase its stake to 29.9%. The works council has raised alarms, suggesting that a takeover could lead to the loss of two-thirds of jobs in Germany, amounting to approximately 15,000 positions.
Plans for these cuts are expected to be disclosed to the works council soon. As part of its strategy, Commerzbank aims to reduce costs, buy back shares, and present its latest strategic direction to investors and the public on February 13. This comes after previous years of job reductions and branch closures, with 2023 marking the bank's first return to share buybacks.
Commerzbank is striving to demonstrate its ability to operate independently and successfully navigate the competitive landscape.
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