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Commerzbank Announces Plans to Slash 3,000 Jobs
(MENAFN) Commerzbank has announced plans to slash 3,000 positions from its workforce as part of a sweeping strategic overhaul designed to boost profitability and fortify the German lender against an unsolicited takeover bid from Italy's UniCredit.
Germany's second-largest bank said the workforce reduction — drawn from a total headcount of approximately 38,000 — was central to driving operational efficiency and underpinning dramatically upgraded financial targets for 2030.
Commerzbank CEO Bettina Orlopp struck a confident tone at a shareholder meeting in Frankfurt, signaling that the bank's current trajectory had already exceeded internal expectations.
"Our strategy is working, and we have much greater potential than initially planned," Orlopp said.
The bank lifted its 2030 revenue target to €16.8 billion ($19.1 billion) and raised its net profit goal to €5.9 billion. Alongside the job cuts, Commerzbank also unveiled plans to pump approximately €600 million into artificial intelligence by 2030, targeting a 10% productivity gain through automation.
The lender confirmed it had reached a formal agreement with its works council on eliminating the 3,000 roles and had earmarked €450 million to fund the restructuring process.
Commerzbank's management took direct aim at UniCredit's acquisition ambitions, characterizing the Italian bank's takeover plans as "uncertain" and laden with "high execution risks." Executives argued that a path of organic growth offered shareholders a far more reliable and rewarding outcome.
The bank restated its position that any takeover discussion would only be entertained if shareholders were offered a meaningful premium and if its core business model — centered on lending to small and medium-sized enterprises — was guaranteed to remain intact.
Commerzbank also reported a standout first quarter, posting a net profit of €913 million — its strongest quarterly performance since 2011. Operating profit climbed 11% year-on-year to a record €1.36 billion, edging past analyst forecasts of €1.32 billion.
UniCredit's pursuit of Commerzbank dates to September 2024, when the German government offloaded part of its stake in the bank. The Milan-based lender subsequently expanded its exposure through derivatives, pushing its potential shareholding close to the 30% threshold that would trigger a mandatory takeover offer under German regulations. In March 2026, UniCredit formally tabled a €35 billion bid and is currently awaiting sign-off from the European Central Bank.
The proposed acquisition has drawn fierce opposition from German officials, labor unions, and employee representatives, who warn it could hollow out domestic lending and put thousands of jobs at risk.
Sascha Uebel, head of Commerzbank's General Works Council, argued that the bank's planned 3,000 cuts paled in comparison to the fallout a UniCredit takeover could unleash — warning that more than 10,000 employees, including staff at subsidiaries and overseas offices, could ultimately lose their jobs.
Kevin Voss, a representative of the Ver.di services union, raised the stakes further, cautioning that a merger between Commerzbank and UniCredit's German subsidiary HypoVereinsbank could wipe out as many as 15,000 positions.
"This merger would create no added value for customers or the economy," Voss said.
Germany's second-largest bank said the workforce reduction — drawn from a total headcount of approximately 38,000 — was central to driving operational efficiency and underpinning dramatically upgraded financial targets for 2030.
Commerzbank CEO Bettina Orlopp struck a confident tone at a shareholder meeting in Frankfurt, signaling that the bank's current trajectory had already exceeded internal expectations.
"Our strategy is working, and we have much greater potential than initially planned," Orlopp said.
The bank lifted its 2030 revenue target to €16.8 billion ($19.1 billion) and raised its net profit goal to €5.9 billion. Alongside the job cuts, Commerzbank also unveiled plans to pump approximately €600 million into artificial intelligence by 2030, targeting a 10% productivity gain through automation.
The lender confirmed it had reached a formal agreement with its works council on eliminating the 3,000 roles and had earmarked €450 million to fund the restructuring process.
Commerzbank's management took direct aim at UniCredit's acquisition ambitions, characterizing the Italian bank's takeover plans as "uncertain" and laden with "high execution risks." Executives argued that a path of organic growth offered shareholders a far more reliable and rewarding outcome.
The bank restated its position that any takeover discussion would only be entertained if shareholders were offered a meaningful premium and if its core business model — centered on lending to small and medium-sized enterprises — was guaranteed to remain intact.
Commerzbank also reported a standout first quarter, posting a net profit of €913 million — its strongest quarterly performance since 2011. Operating profit climbed 11% year-on-year to a record €1.36 billion, edging past analyst forecasts of €1.32 billion.
UniCredit's pursuit of Commerzbank dates to September 2024, when the German government offloaded part of its stake in the bank. The Milan-based lender subsequently expanded its exposure through derivatives, pushing its potential shareholding close to the 30% threshold that would trigger a mandatory takeover offer under German regulations. In March 2026, UniCredit formally tabled a €35 billion bid and is currently awaiting sign-off from the European Central Bank.
The proposed acquisition has drawn fierce opposition from German officials, labor unions, and employee representatives, who warn it could hollow out domestic lending and put thousands of jobs at risk.
Sascha Uebel, head of Commerzbank's General Works Council, argued that the bank's planned 3,000 cuts paled in comparison to the fallout a UniCredit takeover could unleash — warning that more than 10,000 employees, including staff at subsidiaries and overseas offices, could ultimately lose their jobs.
Kevin Voss, a representative of the Ver.di services union, raised the stakes further, cautioning that a merger between Commerzbank and UniCredit's German subsidiary HypoVereinsbank could wipe out as many as 15,000 positions.
"This merger would create no added value for customers or the economy," Voss said.
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