Banks "Financial Times": Commerzbank considers cutting thousands of jobs
In order to prevent a possible takeover by the major Italian bank Unicredit, the German Commerzbank is considering cutting thousands of jobs, according to a report in the "Financial Times" (FT). The newspaper refers to people familiar with the matter.
18.01.2025, 16:18
SDA
The plans are expected to be presented to the works council in the coming weeks, the newspaper reported. There is talk of a probable reduction of jobs in the low thousands.
Commerzbank announced that investors and the public would be comprehensively informed about the latest status of the company's strategy, which is still being worked on, at a capital market day on February 13. "We cannot anticipate the upcoming discussions in the Board of Managing Directors and Supervisory Board." In principle, increasing competitiveness is an ongoing entrepreneurial task.
Unicredit controls 28 percent
Unicredit controls around 28 percent of Commerzbank and has already announced that it will seek regulatory approval for a stake of up to 29.9 percent. The Milan-based bank would be obliged to submit a public takeover bid if it acquired a stake of 30 percent or more.
Uwe Tschäge, then head of the Commerzbank works council, warned in the Handelsblatt at the end of last year that a takeover of Germany's second-largest private bank could result in the loss of two thirds of all jobs in Germany. A good 15,000 jobs could be lost.
Unicredit said at the time that this was completely out of thin air. In addition to the works council and trade unions, the German government also rejects the Italians' approach.
