Commerzbank plans job cuts, new targets to keep UniCredit away, sources say

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Commerzbank plans job cuts, new targets to keep UniCredit away, sources say

//business-finance.news-articles.net/content/202 .. -targets-to-keep-unicredit-away-sources-say.html

Published in Business and Finance on Wednesday, February 12th 2025 at 7:40 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Germany's Commerzbank is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by Italy's UniCredit , multiple people with direct knowledge of the plans told Reuters.

210x110/5458 Bytes

Commerzbank, Germany's fourth-largest lender, is planning to cut jobs and set new financial targets in an effort to fend off potential acquisition interest from Italy's UniCredit, according to sources cited by Reuters on February 12, 2025. The bank aims to reduce its workforce by approximately 3,000 positions, focusing on cost reduction and efficiency improvements. This move comes as part of a broader strategy to enhance profitability and shareholder value, amidst speculation that UniCredit might be considering a takeover. Commerzbank's management is expected to present these plans at an upcoming investor day, highlighting a shift towards digitalization and automation to streamline operations. The job cuts are part of a larger restructuring effort to make the bank less attractive for hostile takeovers and to reassure investors of its independent growth strategy.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/commerzbank-plans-job-cuts-new-targets-keep-unicredit-away-sources-say-2025-02-12/ ]