Commerzbank Cuts 3,000 Jobs and Raises Guidance Amid UniCredit Takeover Push
Commerzbank lifted its guidance for profit this year and said it plans a further reduction of about 3,000 jobs as it fends off UniCredit's hostile takeover push. Chief Executive Officer Bettina Orlopp said Commerzbank cannot allow UniCredit to destabilize the bank and stressed the need to preserve client trust.
The moves came with first-quarter results showing revenue of €3.22 billion, slightly below estimates of €3.24 billion, while operating profit of €1.36 billion and net income of €913 million beat forecasts. Loan-loss provisions were €120 million versus an estimated €157.5 million, and the CET1 ratio stood at 14.5%.
From the sources (9 posts)
@businessCommerzbank is expected to unveil steeper job cuts and more ambitious financial goals as it seeks to persuade its shareholders that they’re better off declining a $41 billion takeover offer from UniCredit
@reutersCommerzbank official rejects UniCredit CEO's calls for renewed talks
@firstsquawkCOMMERZBANK Q1 26 EARNINGS: REVENUE: €3.22B (EST €3.24B) • OPERATING PROFIT: €1.36B (EST €1.33B) • NET INCOME: €913M (EST €865.7M) • LOAN-LOSS PROVISION: €120M (EST €157.5M) • CET1 RATIO: 14.5% (EST 14.7%) • REVENUE UP 16.8% Y/Y TO €3.03B
@firstsquawkCOMMERZBANK: PLANS FURTHER REDUCTION OF ABOUT 3,000 JOBS
@businessCommerzbank lifted its guidance for profit this year as CEO Bettina Orlopp steps up her defense against a hostile takeover by Italian rival UniCredit earlier this week
@reutersbizCommerzbank to cut 3,000 jobs, upgrades targets as it fends off UniCredit takeover
@firstsquawkCOMMERZBANK EXPECTS LOAN GROWTH TO SHIFT TO GERMANY ON STIMULUS
@cnbcCommerzbank boss pledges to defend shareholders in UniCredit takeover battle
@business"We live from the trust of our clients, and we want to preserve it." Commerzbank cannot allow UniCredit to destabilize the bank, CEO Bettina Orlopp tells @annaedwardsnews