Reported about 7 hours ago
Commerzbank revealed plans to eliminate 3,900 jobs, primarily in Germany, to strengthen its position against UniCredit's attempted merger. The job reductions, expected to be completed by 2028, will be offset by hiring outside the country, keeping overall personnel at 36,700. CEO Bettina Orlopp emphasized the strategy update aimed at showcasing the bank's independent viability, with revised financial targets including a net profit increase by 2027. The bank's shares rose over 3% following a significant profit boost, despite pushback against UniCredit's advances.
Source: YAHOO