Published • loading... • Updated
Commerzbank plans 3,000 job cuts, raises targets as it fends off UniCredit takeover
The lender said 3,000 cuts and €450 million in restructuring costs will support higher 2028 profit and revenue goals as it resists UniCredit.
- On Friday, Commerzbank announced plans to cut 3,000 jobs to reach more ambitious profit targets as part of a strategy to fend off a takeover by Italy's UniCredit.
- UniCredit currently holds a direct stake of around 26% in Commerzbank, with an additional roughly 4% held via total return swaps, triggering a formal takeover bid this week.
- The bank reported a net profit of 913 million euros in the first quarter, while the additional job cuts will affect around 8% of the current 38,000 jobs and incur $528 million in restructuring costs.
- Chief Executive Bettina Orlopp said new targets reflect "ambitious and at the same time reliable" growth, adding that "any alternative must be measured against this" regarding the Italian bank's bid.
- German Chancellor Friedrich Merz recently declared in Berlin that Germany needed strong banks, stating "we firmly reject hostile and aggressive behaviour" in reference to the takeover attempt.
Insights by Ground AI
63 Articles
63 Articles
Commerzbank struggles with job cuts for its independence. A takeover by Unicredit could be even harder. A comment by Corinna Maier.
UniCredit officially launched its public offer to buy (OPA) on Commerzbank on Tuesday. To discourage its shareholders from accepting it, the leaders of the German number two bank presented a restructuring Friday While Switzerland is seeking to supervise its last bank of international systemic importance, Italy is looking for a bank champion.No transalpine bank is in fact on the list of establishments judged "too big to go bankrupt" published eve…
Commerzbank has announced that it will delete around 3,000 additional jobs.
·Germany
Read Full Article
Coverage Details
Total News Sources63
Leaning Left5Leaning Right12Center11Last UpdatedBias Distribution43% Right
Bias Distribution
- 43% of the sources lean Right
43% Right
L 18%
C 39%
R 43%
Factuality
To view factuality data please Upgrade to Premium
