Overview
- Chancellor Friedrich Merz in a May 26 letter to Commerzbank’s works council denounced Unicredit’s approach as “hostile” and “unacceptable.”
- Works council leaders Sascha Uebel and Nina Olderdissen published the letter on LinkedIn on June 10 to highlight staff concerns over potential job cuts.
- The council cited Unicredit’s 2005 acquisition of HypoVereinsbank, which triggered a 60% reduction in full-time roles at the Munich-based lender.
- Unicredit holds a 28% stake in Commerzbank, and CEO Andrea Orcel has said the bank can wait until 2027 for remaining regulatory approvals.
- In response, Commerzbank has launched share buybacks, doubled its dividend and outlined plans to cut 3,900 jobs by 2028 to maintain workforce stability.