Germany' second biggest bank
Commerzbank is mulling thousands of job cuts to help it repel a
possible takeover bid by Italy's second-biggest bank UniCredit,
the Financial Times reported Saturday.
The Italan lender, which has also launched a hostile takeover
bid for Italy's third-largest bank Banco BPM, recently upped its
take in Commerzbank to 28% irking the German government.
Commerzbank is considering cutting several thousand jobs in an
attempt to repel UniCredit's unwanted advances, the FT said.
The plan, the British business daily reported, should be
presented to unions in the coming weeks and be included in the
strategy update that Commerzbank CEO Bettina Orlopp will present
on February 13 with the aim of demonstrating that the bank can
improve profitability and shareholder remuneration on its own.
The redundancies, according to sources cited by the British
newspaper, would be in the order of "a few thousand".
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