Commerzbank Announces Nearly 4,000 Job Cuts Despite Record Profits

Germany's second-largest private bank aims to safeguard independence from Unicredit with cost-cutting measures and ambitious growth targets.

Commerzbank plans to eliminate approximately 3,900 full-time positions by the end of 2027, with 3,300 jobs to be cut in Germany, representing 17% of its domestic workforce.
The job reductions are part of a strategy to increase efficiency and profitability, with savings partially achieved by relocating roles to lower-cost regions like Poland and Malaysia.
The bank reported a record profit of €2.7 billion in 2024 but expects a temporary decline in 2025 due to the €700 million cost of restructuring.
Commerzbank is under pressure to retain its independence as Italy's Unicredit, which holds a 28% stake, signals intentions for a potential takeover in late 2025 or early 2026.
CEO Bettina Orlopp has set ambitious goals to increase annual profits to €4.2 billion and raise the equity return rate to 15% by 2028, while maintaining shareholder dividends and exploring new partnerships like one with Visa.