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Commerzbank to cut 3,900 jobs, lift targets in bid to fend off UniCredit
(Sharecast News) - German lender Commerzbank is slashing almost 4,000 jobs and lifting financial targets as it moves to repel takeover moves from Italy's UniCredit. Commerzbank said it would target net profit of €4.2bn, a significant jump from last year's €2.7bn.
"We are accelerating our profitable growth and consistently driving forward our transformation. This makes Commerzbank stronger and better," said chief executive Bettina Orlopp ahead of a capital markets day.
The 3,900 job cuts, or 10% of the workforce, are expected to be implemented by 2028. Commerzbank said the losses would come from "efficiency gains" due to digitalisation, moves to overseas locations with cheaper staff and offering early retirement.
Restructuring costs will come in at around €700m before taxes in 2025, the bank added.
UniCredit now has a 28% percent stake in its rival. CEO Andrea Orcel is waiting until after German general election on February 23 before deciding on whether to launch a bid.
Reporting by Frank Prenesti for Sharecast.com
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