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Investing.com -- Commerzbank (ETR:CBKG) announced on Thursday its plans to eliminate 3,900 jobs as part of a strategic overhaul aimed at countering UniCredit’s attempts for a merger between the German and Italian banks.
These job reductions, primarily taking place in Germany, are projected to be completed by 2028.
The bank also stated it would be hiring outside of Germany, which will keep the total number of full-time positions stable at 36,700.
The strategic revamp has been in progress for several months under the guidance of CEO Bettina Orlopp, who has previously stated that this update would unveil the "significant value potential" of the bank.
The contest for Commerzbank, involving one of Italy’s largest banks and the German establishment, has become a litmus test for the country’s ability to defend against foreign bidders and prevent its financial center from losing one of its remaining large commercial banks.
Commerzbank, the second-largest bank in Germany, hopes that its series of announcements on Thursday will convince its investors of its ability to succeed as an independent entity.
The bank, which is partly state-owned and has described UniCredit’s overtures as hostile, expects to incur 700 million euros ($730 million) in restructuring charges in 2025.
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