Overview
- Commerzbank, which laid out the plan Friday, will cut 3,000 jobs and take about €450 million in restructuring charges to lower costs.
- The lender raised 2028 goals to €15 billion in revenue and €4.6 billion in profit after reporting €913 million in first-quarter net income.
- UniCredit this week began a roughly €37 billion takeover push and now owns just under 30% of Commerzbank, with approval to issue up to 470 million new shares for a potential swap.
- CEO Bettina Orlopp said she will defend shareholders, stayed open to talks, and demanded a clear premium for any deal.
- Chancellor Friedrich Merz opposed hostile bank takeovers, and Germany’s 12% stake in Commerzbank could complicate UniCredit’s plan.