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

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/ ]