Commerzbank Unveils Workforce Reduction

(MENAFN) Commerzbank is preparing to eliminate 3,000 positions as part of a broader initiative designed to reinforce its autonomy and fend off a potential acquisition attempt by UniCredit of Italy.

The German financial institution, recognized as the country’s second-biggest lender, announced that the staff reductions are intended to enhance operational performance while substantially increasing its profitability ambitions for 2030.

During a gathering in Frankfurt, Commerzbank Chief Executive Officer Bettina Orlopp stated that the company’s long-term business framework was delivering outcomes that surpassed expectations.

“Our strategy is working, and we have much greater potential than initially planned,” Orlopp said.

The banking group elevated its 2030 revenue objective to 16.8 billion euros ($19.1 billion) while also increasing its net earnings forecast to 5.9 billion euros.

In addition, Commerzbank intends to allocate nearly 600 million euros toward artificial intelligence initiatives by 2030, targeting a 10% improvement in productivity through automation technologies.

The lender further disclosed that it had finalized an arrangement with its workers’ council to remove 3,000 roles from its workforce of roughly 38,000 employees and had reserved 450 million euros to support the restructuring program.

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