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Commerzbank to cut 3,900 jobs, mainly in Germany, as it fends off UniCredit

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Commerzbank said on Thursday it would cut 3,900 jobs and unveiled more ambitious financial targets as part of a strategy revamp designed to head off UniCredit's advances for a tie-up between the German and Italian lenders.
Commerzbank, Germany's second-largest lender, announced plans to cut around 3,900 jobs, primarily in Germany, by 2025 as part of a cost-cutting initiative. This decision comes in response to a challenging economic environment and aims to reduce costs by 1.2 billion euros by 2027. The bank, which has been undergoing a restructuring process since 2016, also plans to reduce its branch network by about 30% by 2026. These measures are part of a broader strategy to improve profitability and adapt to digitalization trends in banking. The job cuts will affect various sectors within the bank, with a significant impact on its domestic operations.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/commerzbank-cut-3900-jobs-mainly-germany-2025-02-13/ ]