Overview
- Commerzbank on Friday outlined plans to eliminate about 3,000 more roles by 2030 and set higher profit goals as its defense against UniCredit’s push to buy the bank.
- The lender now aims for €5.9 billion in net profit and about a 21% return on tangible equity by 2030, and lifted its 2026 target to at least €3.4 billion.
- First‑quarter net profit reached €913 million, topping analyst forecasts, which executives said supports the case to stay standalone.
- The bank expects about €450 million in upfront restructuring costs for the new cuts and says expanded use of artificial intelligence will free 10% of work and reduce staffing needs.
- UniCredit controls roughly 25% to nearly 30% of shares and launched a Tuesday exchange offer that Commerzbank calls unattractive, as Germany’s BaFin banned UniCredit’s negative ads and Chancellor Friedrich Merz opposed a hostile deal.