Commerzbank Plans Job Cuts and targets to fend off UniCredit

Commerzbank is the second largest bank in Germany and they have planned to cut down their staff which is targeted to implement the strategic measures to enhance the financial stability and independence of the bank. According to the given information in Reuters, around 3000 to 4000 employees will be deducted from their positions from its total of 42000. And the CEO of the bank, Bettina Orlopp, decided to implement this initiative on Thursday. 

This decision is believed to be more evolutionary than radical, meanwhile some of them have agreed that the takeover of the German bank might be difficult to stop as the stock price of the bank jumped by fifty percent since the first signalled interest of UniCredit. 

The employees of UniCredit protested against their advances with a merger, fearing of job loss. The approach of UniCredit has been opposed by the German Finance Minister Christian Linder who stated that it has unsettled many German shareholders. To maintain the bank’s independence emphasizing the hostile acquisitions is a contradictory one said the Chancellor Olaf Scholz.

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