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

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/ ]