Commerzbank to cut 3,000 jobs as it fights UniCredit takeover bid

Commerzbank plans to cut 3,000 jobs as part of a strategy aimed at strengthening its independence and resisting a takeover bid from Italy’s UniCredit.

Germany’s second-largest lender said it would reduce its workforce to improve operational efficiency while significantly raising its profitability targets for 2030.

Commerzbank CEO Bettina Orlopp told a meeting in Frankfurt that the bank’s long-term strategy was producing stronger-than-expected results.

“Our strategy is working, and we have much greater potential than initially planned,” Orlopp said.

The bank raised its 2030 revenue target to 16.8 billion euros ($19.1 billion) and its net profit target to 5.9 billion euros.

Commerzbank also plans to invest about 600 million euros in artificial intelligence by 2030, aiming for a 10% productivity gain through automation.

The lender said it had reached an agreement with its works council to eliminate 3,000 positions from its workforce of about 38,000 employees and had set aside 450 million euros for the restructuring process.

Commerzbank management described UniCredit’s takeover plans as “uncertain” and carrying “high execution risks,” arguing that organic growth would provide a safer path for shareholders.

The bank reiterated that it would only consider talks if shareholders were offered an attractive premium and if its business model centered on small and medium-sized enterprises remained intact.

Commerzbank reported a first-quarter net profit of 913 million euros, its strongest quarterly result since 2011. Operating profit rose 11% year-over-year to a record 1.36 billion euros, surpassing analysts’ expectations of 1.32 billion euros.

UniCredit’s effort to acquire Commerzbank began in September 2024 after the German government sold part of its stake in the bank. The Italian lender later increased its exposure through derivatives, bringing its potential holding close to the 30% threshold that would trigger a mandatory offer under German takeover regulations.

In March 2026, UniCredit submitted a formal 35 billion euro offer and is awaiting final approval from the European Central Bank.

German officials, labor unions and employee representatives at Commerzbank have opposed the bid, warning that a takeover could threaten jobs and weaken lending to Germany’s industrial sector.

Sascha Uebel, head of Commerzbank’s General Works Council, said the planned 3,000 job cuts would be far less severe than potential losses under a takeover.

He warned that more than 10,000 employees could be affected if UniCredit gained control, including staff at subsidiaries and international offices.

Kevin Voss, a representative of the Ver.di services union, said a merger with UniCredit’s German subsidiary HypoVereinsbank could eliminate as many as 15,000 jobs.

“This merger would create no added value for customers or the economy,” Voss said.