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American Focus > Blog > Economy > Commerzbank board member warns of job losses with hostile UniCredit
Economy

Commerzbank board member warns of job losses with hostile UniCredit

Last updated: September 24, 2024 4:23 am
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Commerzbank board member warns of job losses with hostile UniCredit
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Commerzbank, a major German lender, is facing potential upheaval as UniCredit, an Italian bank, considers a hostile takeover. Stefan Wittmann, a Commerzbank supervisory board member and senior official at German trade union Verdi, warned that if the takeover were to occur, two-thirds of jobs at Commerzbank could be at risk.

Wittmann expressed hope that the German government would conduct an internal review of the situation, which could give Commerzbank time to assess the impact of a potential merger. However, he acknowledged that if a hostile takeover were unavoidable, significant job cuts and branch closures could be expected. He also noted concerns that UniCredit may only focus on retaining wealthy customers, potentially leaving other clients behind.

UniCredit recently increased its stake in Commerzbank to around 21% and expressed interest in further expanding its holding. This move has raised eyebrows in Germany, with Chancellor Olaf Scholz criticizing the potential takeover as unfriendly and hostile.

The atmosphere within Commerzbank is described as “very tense” as the supervisory board prepares to discuss UniCredit’s stake. Wittmann expressed surprise at UniCredit’s sudden shift from a friendly takeover approach to a hostile bid, raising questions about the Italian bank’s intentions.

One of the main concerns highlighted by Wittmann is the lack of a banking union in Europe, which could impact the stability of a potential merger. He also raised doubts about UniCredit’s financial stability, particularly in light of its exposure to Italian government bonds.

In response to the 2008 financial crisis, the European Commission proposed the creation of a banking union to enhance regulation and supervision of banks across the region. Wittmann emphasized the need for a solid regulatory framework before pursuing mergers at a European level.

See also  UK's FCA teams up with Nvidia to let banks experiment with AI

Overall, the potential takeover of Commerzbank by UniCredit has stirred controversy and uncertainty within the financial sector. As discussions continue, stakeholders are closely monitoring the situation to determine the best course of action for all parties involved.

TAGGED:BoardCommerzbankhostilejoblossesMemberUniCreditWarns
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