Source: International Business Times
Commerzbank has been seeking to fight off UniCredit's advances AFP German lender Commerzbank said Thursday it plans to cut about 3,900 jobs, around 10 percent of its workforce, seeking to fight off pressure for a tie-up from Italian bank UniCredit. The bank also hiked its financial targets, as executives aim to boost its attractiveness for shareholders and bolster defences against its Italian suitor amid speculation that a takeover bid is on the horizon. "We are accelerating our profitable growth and consistently driving forward our transformation," said Commerzbank chief executive Bettina Orlopp.
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