Commerzbank has revealed plans to cut 3,000 jobs as it set tougher profit goals, part of an effort to reinforce its position as an independent lender while facing a takeover attempt from Italy’s UniCredit.
The new plan follows UniCredit’s decision earlier this week to formally begin its bid, valuing Commerzbank at €37bn ($43.43bn), a level below the market price.
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“UniCredit’s communicated plan remains vague and bears considerable execution risks, while using misleading narratives that discredit Commerzbank,” the bank said.
The latest reduction would be the bank’s third round of layoffs in recent years.
Earlier in the decade, Commerzbank removed 10,000 roles, equal to about a third of its German workforce, and last year it said it would eliminate another 3,900 positions.
The latest measures would bring restructuring costs of about €450m, Reuters reported.
Under the updated objectives announced, Commerzbank now expects revenue of €15bn in 2028, compared with a previous target of €14.2bn. It also raised its 2028 profit aim to €4.6bn from €4.2bn.
Last month, Orcel set out his own restructuring proposal for Commerzbank, including €1.3bn in cost savings and 7,000 job cuts.
UniCredit has criticised Commerzbank’s current Momentum strategy, arguing the plan relies on “aggressive” risky non-core bets in international markets while leaving the bank “ill-prepared” to compete with US and fintech entrants in Germany.
UniCredit’s move has drawn opposition in Germany.
Recently, German Chancellor Friedrich Merz said Germany does not accept hostile and aggressive takeovers in banking.
“This is not how one treats institutions such as a bank in Germany, namely Commerzbank. This is how trust is destroyed, not how new trust is fostered,” Merz said.
The statements came as Commerzbank reported first-quarter net profit of €913m, up 9.4%.
It also said that under “Momentum 2030” it planned to widen the use of AI. From 2026 to 2030, Commerzbank expects to invest around €600m in that area.
