Commerzbank (CBKG.DE) is reportedly exploring the possibility of cutting thousands of jobs in response to a hostile takeover attempt by Italy’s UniCredit (CRDI.MI), according to a Financial Times report published on Saturday. The bank’s plans, which are still in the early stages and not yet finalized, are expected to be shared with the workers’ council in the coming weeks.
The German lender has not yet commented on the matter, despite a request from Reuters outside regular business hours.
The developments come after UniCredit unexpectedly acquired a significant stake in Commerzbank, triggering tensions between the two banks. In a statement earlier this week, Commerzbank’s supervisory board chairman, Jens Weidmann, expressed skepticism about the possibility of an amicable merger with UniCredit. Weidmann’s remarks followed UniCredit’s purchase of approximately 28% of Commerzbank’s shares—around 9.5% of which were acquired directly by the Italian bank, with the remaining 18.5% obtained through financial instruments.
The situation continues to unfold as both banks navigate a complex and potentially contentious relationship.
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