Commerzbank Plans 3,000 Job Cuts Amid UniCredit Takeover Pressure
Commerzbank announced on Friday that it plans to eliminate 3,000 jobs as part of a broader strategy aimed at improving profitability and defending itself against a takeover attempt by Italy’s UniCredit.
The German lender said the workforce reductions are designed to support more ambitious long-term financial targets while strengthening the bank’s competitive position.
UniCredit Takeover Battle Intensifies
The latest restructuring plan comes as tensions continue between Commerzbank and UniCredit over a potential cross-border acquisition deal.
UniCredit CEO Andrea Orcel has been pushing expansion plans across Europe, while Commerzbank remains a key financial institution for Germany’s economy and corporate sector.
Earlier this week, UniCredit officially launched its takeover proposal, valuing Commerzbank at approximately 37 billion euros.
Commerzbank criticized the offer, stating that UniCredit’s strategy remains unclear and carries significant execution risks. The bank also accused UniCredit of using misleading narratives that undermine Commerzbank’s business position.
Third Major Round of Workforce Reductions
The newly announced layoffs represent Commerzbank’s third major cost-cutting effort in recent years.
Earlier this decade, the bank reduced its German workforce by around 10,000 employees, representing roughly one-third of its domestic staff. Last year, Commerzbank also announced plans to cut an additional 3,900 positions.
Andrea Orcel has previously indicated that a successful takeover could lead to further reductions at Commerzbank’s Frankfurt headquarters.
Commerzbank Raises Financial Targets
Alongside the restructuring measures, Commerzbank upgraded several of its financial targets and now expects stronger revenue and profit growth through 2028.
The bank also warned that the latest job cuts would result in approximately 450 million euros in restructuring expenses.
First-Quarter Profit Beats Expectations
Commerzbank reported stronger-than-expected first-quarter earnings, helping support investor confidence despite ongoing takeover tensions.
Net profit increased 9.4% year-over-year to 913 million euros, compared with 834 million euros during the same period last year.
Analysts had expected quarterly profit of around 868 million euros, according to consensus estimates published by the bank.
