Commerzbank is reportedly considering a reduction of several thousand jobs as part of its efforts to address challenges posed by the potential takeover by Unicredit. A spokesperson for the bank stated that investors and the public would receive a comprehensive update on the company’s strategy during a Capital Markets Day scheduled for February 13. The bank emphasized that internal discussions within the executive and supervisory boards are ongoing, and no conclusions can be drawn at this stage. Enhancing competitiveness, the bank added, remains an ongoing business priority.
Unicredit, which currently holds a 28% stake in Commerzbank, has already signaled its intention to seek regulatory approval to increase its ownership to as much as 29.9%. Crossing the 30% threshold would legally oblige the Milan-based bank to submit a public acquisition offer.
Last year, Uwe Tschäge, then head of Commerzbank’s works council, cautioned in an interview with Handelsblatt that a takeover by Unicredit could result in significant job losses. According to his estimates, up to two-thirds of Commerzbank’s positions in Germany—approximately 15,000 jobs—might be eliminated.
A Strong Performance in the Markets
Meanwhile, Commerzbank’s stock continues to perform robustly. Following a brief pause in November last year, the stock has surged by more than 26%. Last week, the share price broke past its October high of nearly €17, setting a new multi-year record at €17.59 on Friday.
Investors who acted on a recommendation by the financial publication AKTIONÄR in March 2023, when the stock was trading at €9.87, are now enjoying a 78% gain. Analysts suggest that the recent breakthrough above the €17 resistance level has triggered a fresh buy signal, paving the way for further growth toward the €20 mark. The coming weeks are expected to be critical as the situation develops further.
