Commerzbank Considers Job Cuts to Counter Potential Unicredit Takeover

Germany's second-largest private bank may eliminate thousands of positions as part of a strategy to strengthen its competitiveness and resist a takeover bid by the Italian banking giant.

Commerzbank is reportedly evaluating plans to cut jobs in the low thousands, according to sources cited by the Financial Times.
The proposed job reductions aim to bolster the bank's competitiveness and deter a potential takeover by Italy's Unicredit.
Unicredit currently holds a 28% stake in Commerzbank and has signaled its intention to increase its ownership to just below 30%, avoiding mandatory takeover requirements.
Commerzbank plans to provide a comprehensive update on its strategy during its Capital Markets Day on February 13, 2025.
German labor unions, the Commerzbank works council, and the federal government have expressed opposition to a Unicredit takeover, citing potential job losses of up to 15,000 positions if it proceeds.

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