FRANKFURT (dpa-AFX) - Commerzbank CEO Bettina Orlopp has provided further details on her plan to cut approximately 3,000 positions amid the ongoing takeover battle with UniCredit. Artificial Intelligence (AI) will account for a 'very large portion' of these reductions, the executive told Deutsche Presse-Agentur in Frankfurt. 'AI is extremely powerful across various segments,' she noted, adding that its impact has proven greater than anticipated just over a year ago.
In implementing the headcount reduction, Orlopp aims to shield the bank's core workforce as much as possible. 'For instance, we are looking at capacities in external call centers,' Orlopp said. 'The same applies to the IT environment, where we still utilize a significant number of external contractors.'
By combining job cuts with ambitious profit and return targets through 2030, Commerzbank is positioning itself to resist a takeover. The DAX-listed group is seeking to convince its shareholders not to tender their stakes to the Italian banking giant.
Commerzbank intends to avoid compulsory redundancies. 'Given the bank's current demographics, we will manage this process with maximum social responsibility,' Orlopp reaffirmed.
Takeover poker intensifies
UniCredit, which already controls nearly 30 percent of Commerzbank, launched an offer for all remaining shares in early May. The Milan-based lender is offering 0.485 new UniCredit shares for every Commerzbank share. Through this structure, UniCredit aims to accumulate further shares by June 16 without triggering a mandatory cash offer, which would be significantly more expensive. The offer period can be extended until July 3.
UniCredit already operates in Germany via HypoVereinsbank (HVB) and sees potential for billions in synergies. Commerzbank management views UniCredit's approach as hostile and has received backing from the German federal government, which holds a stake of just over 12 percent in the institution.
'What we cannot afford is a destabilization of our organization,' Orlopp emphasized. UniCredit had previously launched a sharp social media campaign against Commerzbank, drawing a reprimand from the financial regulator BaFin. 'We are focused on maintaining organizational stability despite these inappropriate attacks,' Orlopp said.
ECB Vice President's remarks draw fire
Orlopp also criticized comments from the European Central Bank (ECB), which, in its capacity as banking supervisor, is reviewing UniCredit's stake building. ECB Vice President Luis de Guindos recently criticized the German government for its resistance to a Commerzbank takeover, arguing that such opposition contradicts the spirit of the European single market and undermines efforts to create deeper capital markets in Europe.
These remarks 'certainly surprised' Commerzbank, Orlopp said. She noted it seemed 'strange that certain representatives appear to offer open support for an approach aimed at destabilization.' The German government has clarified the problematic aspects of UniCredit's tactics, she added. 'And as a shareholder, it has every right to do so,' the CEO stressed.
'Never refused to engage in talks'
Commerzbank plans to issue a reasoned statement early next week regarding UniCredit's offer, which currently represents a discount to Commerzbank's recent share price. 'UniCredit's takeover bid is de facto a contraction strategy for our business model,' Orlopp criticized. She maintained that Commerzbank has never refused to talk, but noted that further discussions would only be meaningful 'if UniCredit signals a willingness to reconsider the offer price for our shareholders and the underlying business model,' Orlopp said./als/ben/am/DP/zb
