Commerzbank, new no to UniCredit: 'Focus on stand-alone strategy'

Commerzbank's top management and hundreds of employees are pushing for the German bank's independent strategy, rejecting UniCredit's advances. "We are focusing on ourselves and our independent strategy," Commerzbank CEO Bettina Orlopp told Reuters, "this," she added, "is the most important thing.The manager was speaking shortly before the start of the bank's annual general meeting as employees protested against UniCredit's push for a possible merger: around 200 Commerzbank workers gathered outside the shareholder meeting venue to protest against the Italian bank by waving placards reading 'Commerz strong and independent' and 'no to Unicredit'.

Commerzbank agreed with the works council on the modalities for the planned reduction of about 3,900 jobs by 2028. For Germany, where 3,000 jobs will be cut as part of the 'Momentum' savings and investment programme, a framework social plan has been agreed upon, Commerzbank announced. The German bank focuses mainly on partial retirement and early retirement, but severance payments are also possible if employees leave the group in Germany, subject to agreement with the employer. "With these regulations we create the conditions to implement the goals of 'Momentum' in a socially acceptable way in Germany," Sabine Mlnarsky, board member responsible for human resources, said last night. Based on the framework provisions, the details of the reduction in individual sectors are to be worked out by October.

'It is good that we came to an agreement so quickly on the framework. This will allow us to give due consideration to the interests of our employees in future negotiations,' said Sascha Uebel, chairman of the general works council. In February, the bank announced that it will cut about 3,900 jobs by 2028, mainly in the administrative sector. New jobs will be created in other areas, so that the Group's workforce of 36,700 will remain largely stable.