According to the Financial Times report on January 18, Commerzbank is considering slashing thousands of jobs to ward off a potential acquisition bid from UniCredit of Italy. Although the plans are not yet finalized, they are expected to be presented to the workers' council in the upcoming weeks.
Commerzbank has not responded to Reuters' request for comment after regular business hours. The chairman of Commerzbank's supervisory board, Jens Weidmann, expressed doubts about the possibility of a friendly merger with UniCredit following the Italian bank's recent acquisition of a significant stake in the German lender, as reported by Handelsblatt earlier this week.
UniCredit currently holds approximately 28% of Commerzbank's shares, comprising a direct ownership of about 9.5% and access to an additional 18.5% through financial instruments.