Commerzbank logo at a branch near the Commerzbank building in Frankfurt.
Daniel Rowland | AFP | Getty Images
Commerzbank is considering cutting thousands of jobs to fend off bad practices at Italy’s UniCredit, the Financial Times reported on Saturday, citing people familiar with the matter.
The report added that plans, which have not yet been finalized, are expected to be presented to workers’ councils in the coming weeks.
Commerzbank did not immediately respond to a Reuters request for comment outside regular business hours.
Handelsblatt reported earlier this week that Commerzbank Supervisory Board Chairman Jens Weidmann said a friendly merger with UniCredit would be possible after the Italian bank unexpectedly bought a large stake in the bank. Very unlikely.
UniCredit currently controls about 28% of Commerzbank’s shares, of which the bank holds about 9.5% directly and a total of 18.5% through financial instruments.
