Commerzbank to cut 3,000 jobs in bid to hit profit targets, as it fends off UniCredit takeover
The bank upgrades a series of financial targets, foreseeing higher profit and revenues by 2028
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[FRANKFURT] Commerzbank said on Friday (May 8) that it plans to cut 3,000 jobs to help it reach more ambitious profit targets as part of a strategy to fend off a takeover by Italy’s UniCredit.
The bank upgraded a series of financial targets, foreseeing higher profit and revenues by 2028 than it had previously anticipated.
It also flagged around 450 million euros (S$670 million) in restructuring costs as it cuts the jobs.
The announcements came as the bank reported net profit rose 9.4 per cent in the first quarter, better than analysts had expected.
Net profit of 913 million euros in the quarter was up from 834 million euros a year earlier. Analysts had on average expected a profit of 868 million euros, according to a consensus forecast published by Commerzbank. REUTERS
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