Commerzbank board member warns of significant job losses with a hostile UniCredit takeover

Published On Sep 24, 2024, 5:58 AM

A senior Commerzbank board member, Stefan Wittmann, has warned that if UniCredit's attempt for a hostile takeover of Commerzbank succeeds, up to two-thirds of jobs at Commerzbank could be lost. He indicated that UniCredit is primarily interested in the wealthiest customers and hinted at potential significant cuts in branches. The German government, which holds a substantial stake in Commerzbank, is expected to play a key role in any takeover negotiations. The overall atmosphere at Commerzbank is tense as they prepare for a possible merger amid concerns regarding the lack of a banking union in Europe.