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Commerzbank announced plans to cut around 3,000 jobs and significantly raise its profit targets in response to UniCredit's takeover bid.
Commerzbank, based in Frankfurt, said on Friday that it aims for revenues of €16.8 billion by 2030 and a net profit of €5.9 billion. The additional job cuts would affect about 8% of the current 38,000 workforce. The bank expects restructuring costs of around €450 million. It also plans to increase efficiency through greater use of artificial intelligence.
Chief executive Bettina Orlopp described the targets as "ambitious and at the same time reliable," adding that "any alternative must be measured against this," a reference to UniCredit's bid.
UniCredit formally submitted a voluntary share exchange offer this week for all outstanding Commerzbank shares, valuing the German lender at just under €35 billion. UniCredit has owned a large stake since 2024 and increased it through market purchases, triggering a legal obligation under German takeover law to make a formal offer.
UniCredit currently holds a direct stake of around 26% in Commerzbank, with an additional roughly 4% held via total return swaps. The bid has raised concerns in Frankfurt and Berlin, with Commerzbank fearing a takeover would damage its business model.
UniCredit’s plans could lead to around 7,000 job cuts in total. Commerzbank has said it does not currently view a takeover as necessary, calling UniCredit's plans "vague" and associated with "considerable implementation risks." The bank remains open to talks if shareholders are offered an attractive premium and key strategic elements are preserved.
German Chancellor Friedrich Merz (CDU) recently expressed support for Commerzbank, saying Germany needed strong banks but that "not every type of takeover" was welcome. He added, "We firmly reject hostile and aggressive behaviour."
According to media reports, the federal government is reportedly considering increasing its stake in Commerzbank, which currently stands at around 12%.
Commerzbank reported a net profit of €913 million in the first quarter, its best quarterly result since 2011.
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