Investment Banking

Commerzbank plans 3,900 job cuts as it outlines growth plans amid UniCredit battle

The German lender has increased profitability targets as it looks to fend of a potential acquisition by UniCredit

Commerzbank CEO Bettina Orlopp  has outlined a plan for growth as it fends of a potential takeover by UniCredit
Commerzbank CEO Bettina Orlopp has outlined a plan for growth as it fends of a potential takeover by UniCredit Photo: Alex Kraus via Getty Images

Commerzbank is set to cut 3,900 jobs over the next three years as the German lender looks to boost profitability amid a potential takeover by UniCredit.

In a strategic update accompanying its 2024 results, the German lender said that it would use efficiency gains from digitalisation to strip out more jobs. The majority of the planned reductions, around 3,300, will take place in support functions in Germany.

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