By Aimee Look
Commerzbank said it would cut as many as 3,000 roles and lifted financial targets, as the bank resists a takeover from Italian rival UniCredit.
The lender on Friday raised its expectations for 2028 and set new goals in a plan for 2030 that targets higher revenue and profit. It aims to further integrate artificial intelligence into its planning, countering a strategy from aspiring acquirer UniCredit to revamp the bank.
Between 2026 and 2030, Commerzbank said it plans to invest 600 million euros ($703.4 million) into AI. Its transformation is accompanied by cutting up to 3,000 jobs, which it said would be partially by hiring in efficiency-related areas. The latest cuts add to plans to slash another 3,900 jobs by 2028 outlined last year as part of its efforts to fend off UniCredit.
Commerzbank is targeting a net profit of 5.9 billion euros and revenue of 16.8 billion euros by 2030. In 2025, the bank's net profit was 2.6 billion euros, though it had restructuring expenses of 562 million euros, and revenue was 12.2 billion. It also raised its 2028 profit target to 4.6 billion euros from 4.2 billion euros.
The bank said it is aiming for a net return on equity--a measure of its profitability--around 17% by 2028, up from the previous forecast of 15%. It expects this to increase further to 21% by 2030.
The new plan comes after UniCredit, Commerzbank's largest shareholder with a near-30% stake, this week launched a 24 billion-euro offer for the rest of the bank. UniCredit has been vying for control of Commerzbank since it bought a large stake from the German government in 2024 and increased it later through market purchases to reach the regulatory threshold that requires it to make a takeover offer.
UniCredit Chief Executive Andrea Orcel has previously said he doesn't expect the offer to result in majority control of Commerzbank, and that it was an attempt to break a stalemate between the two banks.
Commerzbank CEO Bettina Orlopp said the bank remained open for discussions, but that UniCredit's offer fundamentally undervalues it. The proposed takeover has also been met with staunch opposition from German officials and unions.
"We remain convinced of the strength and potential of our independent strategy, which is focused on profitable growth," Commerzbank said.
UniCredit, which is present in Germany through its HypoVereinsbank unit, previously mapped out its proposal to revamp Commerzbank by investing in technology and to re-skill staff. UniCredit's scenario would require an investment of around 1.7 billion euros, and aimed to lift Commerzbank's net result to 5.1 billion euros in 2028.
For the first quarter, Commerzbank reported a net profit of 913 million euros, up 9.4% compared with the year-earlier period. Revenue rose to 3.22 billion euros from 3.07 billion euros.
Analysts had forecast net profit at 868 million euros and revenue at 3.23 billion euros, according to consensus estimates provided by the bank.
Write to Aimee Look at aimee.look@wsj.com
(END) Dow Jones Newswires
May 08, 2026 04:39 ET (08:39 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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