Commerzbank announces massive job cuts - up to 4,000 jobs affected!

Commerzbank announces massive job cuts - up to 4,000 jobs affected!

Frankfurt am Main, Deutschland - The Commerzbank is faced with a dramatic job cuts: Up to 4,000 jobs could be lost, as Insiders OE24 . This is done as part of a plan to reduce the costs and to make the bank more independent of the takeover intentions of the Italian UniCredit. With an overall workforce of around 42,000 employees, this clear cut could have profound consequences for the employees. The Supervisory Board will discuss the measures in a meeting before they are officially presented.

The need for such incisions is part of the strategy of the new CEO Bettina Orlopp, which aims to demonstrate the “significant potential for value” from Commerzbank. A better than expected annual result, which shows an increase in net profit by 20 percent, confirms the progress in the group's reduction. In view of the strong increase in Commerzbank shares, which have risen by 50 percent since the first takeover interest of Unicredit, employees fear further job reduction, especially if Unicredit, which is already about 28 percent of the shares, should take over more control.

on the subject of Unicredit and Barclays

UniCredit follows Commerzbank with great persistence. While its shares are already growing to 28 percent, the investment bank Barclays has now accessed more than 16 percent of Commerzbank shares, so Finanzbusiness . These intentions to takeover of Unicredit, which are considered hostile, are also based on the support of barclays. The British bank resisted strategic goals in connection with Commerzbank and emphasized that its equity packages are mainly used to secure their derivatives, but remains unclear to what extent these movements are connected to uniCredit's takeover ambitions.