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Commerzbank explores thousands of job cuts after approach from UniCredit, FT reports
Share (Reuters) – Commerzbank is exploring cutting thousands of jobs as it seeks to fend off an unwanted approach from Italy’s UniCredit, the Financial Times reported on Saturday, citing people familiar with the matter.
Source: Marketscreener
Commerzbank explores thousands of job cuts as it seeks to fend off UniCredit
Bengaluru- Germany’s Commerzbank is exploring cutting thousands of jobs as it seeks to fend off an unwanted approach from Italy’s UniCredit, the Financial Times reported on Jan 18, citing …
Source: Straits Times
Commerzbank Plans Thousands of Job Cuts, Reuters says
The German bank–due to outline a new strategy on thursday–could cut between 3,000 and 4,000 jobs out of a workforce of some 42,000, Reuters reports, citing one source. Commerzbank declined …
Source: [morningstar](https://www.morningstar.com/news/dow-jones/202502123060/commerzbank-plans-thousands-of-job-cuts-reute…han expected annual result that was published at the end of January: In 2024, the net profit of the bank increased by 20 percent to a record level and, from the perspective of management, underlines progress in group renovation.
How Commerzbank is planning job cuts
The current strategy programme of Commerzbank ranges until 2027 and was first published in 2023. It was only last September – short time after Unicredit opened her interest – the bank tightened some of its financial goals.
According to the insiders, the job cuts that hundreds of employees send into early retirement and could set up the bank slimmer through technology efficiency should be handled carefully in order to avoid unrest in the workforce. At the same time, he underlines the willingness of the bank to accept limited cuts in order to prevent even more drastic cuts under Unicredit.
Commerzbank against takeover
UniCredit is now controlling about 28 percent of the shares in Commerzbank. Around 9.5 percent of the stocks keep the Italians directly, and Unicredit has also secured access to a total of 18.5 percent through financial instruments. The Commerzbank board, employee representative and the German government have clearly positioned themselves against a takeover by Unicredit. But not everyone puts themselves across: at least one large investor and some business representatives could imagine negotiations.
Commerzbank Explores Thousands of Job cuts Amidst UniCredit Approach
Editor: Commerzbank is reportedly considering meaningful job cuts as a strategic move to fend off an unwanted approach from Italy’s UniCredit. Can you provide some insights into this development?
Source: Marketscreener
Guest: Indeed, Commerzbank is exploring the possibility of cutting thousands of jobs, which could amount to between 3,000 and 4,000 positions.This move is seen as a defensive strategy to strengthen its position and make it less attractive for a potential takeover by UniCredit.
Editor: How does this job cut strategy align with Commerzbank’s broader strategic objectives?
Source: Straits Times
Guest: Commerzbank’s job cuts are part of a broader restructuring effort aimed at streamlining operations and reducing costs. By cutting thousands of jobs,the bank hopes to improve its financial health and demonstrate to shareholders and investors that it is taking proactive steps to remain autonomous.
Editor: What is the current stance of Commerzbank’s board, employees, and the German government regarding this takeover approach from UniCredit?
Source: Morningstar
Guest: The Commerzbank board, employee representatives, and the German government have all expressed opposition to a takeover by UniCredit. They view the approach as unwelcome and are keen to maintain Commerzbank’s independence. However, there are some large investors and business representatives who could be open to negotiations.
Editor: How do you think these job cuts will impact Commerzbank’s workforce and overall operations?
Guest: The job cuts will undoubtedly have a significant impact on Commerzbank’s workforce, potentially leading to job losses and restructuring within the bank. However, these measures are being taken to ensure the bank’s long-term sustainability and competitiveness. By streamlining operations, Commerzbank aims to enhance its efficiency and financial stability.
Editor: What are the potential outcomes of this situation, and how might it play out in the coming months?
Guest: The situation is fluid, and several outcomes are possible. Commerzbank could successfully fend off unicredit’s approach through its restructuring efforts, or it might reach a compromise with unicredit. Alternatively, if the job cuts and restructuring do not achieve the desired results, UniCredit could still pursue a takeover. The coming months will be critical in determining the bank’s future direction.
Editor: Thank you for your insights. This situation highlights the complexities and challenges faced by financial institutions in today’s market.
