Commerzbank to Cut Jobs Amid Defense Against UniCredit Takeover Bid

(MENAFN) Germany’s Commerzbank has announced plans to cut around 3,000 jobs as part of a broader restructuring strategy aimed at strengthening its independence and countering a takeover attempt by Italy’s UniCredit, according to reports.

The bank, Germany’s second-largest lender, said the workforce reduction is intended to improve efficiency while supporting a more ambitious long-term profitability plan. Management also raised its financial targets for 2030, signaling stronger expected performance over the coming years.

Under the revised outlook, Commerzbank now aims for revenue of €16.8 billion ($19.1 billion) and net profit of €5.9 billion by 2030. The lender also outlined plans to invest approximately €600 million in artificial intelligence technologies by the end of the decade, with expectations of a 10% productivity boost through automation.

The restructuring agreement, reached with the bank’s works council, will reduce the workforce from roughly 38,000 employees and includes €450 million set aside to cover related costs.

Leadership described UniCredit’s acquisition efforts as uncertain and carrying significant execution risks, arguing that internal growth represents a more stable path for shareholder value. The bank also indicated it would only consider negotiations if any offer included a substantial premium and preserved its focus on serving small and medium-sized enterprises.

Despite the restructuring, Commerzbank reported strong financial results, posting a net profit of €913 million for the first quarter—the highest quarterly figure since 2011. Operating profit increased by 11% year-on-year to €1.36 billion, exceeding market expectations.

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