German bank set to discuss plans at all-day meeting on Wednesday
Germany’s Commerzbank is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by Italy’s UniCredit, multiple people with direct knowledge of the plans told Reuters.
The job cuts will amount to several thousand people, two of the people said, while a third said they would number between 3,000 and 4,000 people out of a workforce of some 42,000 employees.Romance, relationships and financial abuse: ‘They are terrified to go and spend €50 in Dunnes because they will be quizzed'
For months, Commerzbank’s management, under the leadership of chief executive Bettina Orlopp, has been working on a strategy update that she has said would reveal the “significant value potential” of Germany’s second-largest bank. Andrea Orcel, chief executive of UniCredit, shocked Germany’s corporate and political establishment last year when his Italian bank – also that nation’s number two – snapped up a hefty stake in Commerzbank and began pressing for a tie-up in the most ambitious attempt yet at a pan-European bank merger.
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