Commerzbank raises profit guidance and outlines 3,000 job cuts
Updated
Updated · Bloomberg · May 8
Commerzbank raises profit guidance and outlines 3,000 job cuts
13 articles · Updated · Bloomberg · May 8
The German lender now expects at least €3.4 billion profit this year, up from more than €3.2 billion, as chief executive Bettina Orlopp counters UniCredit's hostile approach.
Commerzbank said the cuts support new mid-term goals, including doubling profit by 2030, after earlier setting higher 2028 targets and plans to invest €600 million in AI.
UniCredit has launched an official takeover attempt and holds just under 30% of Commerzbank, drawing criticism from German Chancellor Friedrich Merz over its hostile tactics.
Is Commerzbank's AI overhaul a defense strategy against UniCredit's hostile takeover?
Will UniCredit's takeover of Commerzbank forge a European banking giant or ignite a political firestorm in Germany?