Commerzbank is preparing for staff cuts up to 4,000 amid acquisition interests from UniCredit. The bank is advocating its independence and warning of significant job losses if a merger occurs. CEO Bettina Orlopp's management is reevaluating strategies, with the supervisory board set to discuss cost reductions. UniCredit has increased its stake to 21% and sought ECB approval to raise it further. The situation has drawn criticism from German officials, labeling UniCredit's actions as hostile, creating a tense corporate environment as Commerzbank defends its position.
Commerzbank's management, led by CEO Bettina Orlopp, is emphasizing its independence amidst potential mergers, warning that a tie-up could lead to significant job cuts.
Commerzbank has a workforce of 42,000, and potential job losses could reach 4,000 if it merges with UniCredit, exacerbating tensions over the takeover attempts.
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