Commerzbank Cuts 3,000 Jobs and Pours €600M into AI as It Fends Off UniCredit’s Hostile Bid
14.05.2026 - 04:12:20 | boerse-global.de
The Frankfurt-based lender has gone on the offensive. Management unveiled a sweeping restructuring plan dubbed “Momentum 2030” that will eliminate roughly 3,000 positions — about 8% of the workforce — while channeling €600 million into artificial intelligence by the end of the decade. The goal: boost annual profitability by €500 million from 2030 onward and lift the return on equity to 21%. The message to suitors is clear — Commerzbank intends to go it alone.
Beyond the cost-cutting blueprint, the bank is demonstrating its muscle in corporate banking. It took the lead arranger role for a €6 billion Commercial Paper programme at TenneT Germany, a STEP-certified multi-currency mandate that underpins short-term financing flexibility for the grid operator. The deal shores up fee income at a moment when management is keen to show that standalone operations can deliver.
The defence comes as UniCredit’s share-swap offer grinds through its acceptance period. Italian suitor is tendering 0.485 of its own shares for each Commerzbank share — worth roughly €31 — but the target’s equity closed at €36.16 on Wednesday, just shy of its year-to-date peak. The deep discount makes the bid a tough sell. Market insiders say take-up during the first week was “within expectations,” though large institutional holders and arbitrage funds typically wait until the final days to tender. The shareholder base compounds the uncertainty: the German government retains about 12%, UniCredit already holds roughly 30%, retail investors account for around 20%, and the deciding votes lie with international asset managers. The European Central Bank, for its part, has given a green light to cross-border consolidation, indirectly aiding the Italian bank’s case.
Should investors sell immediately? Or is it worth buying Commerzbank?
Commerzbank’s financial results provide potent ammunition for the defence. First-quarter operating profit hit a record €1.4 billion, and the full-year net income target was raised to at least €3.4 billion. The stock has rallied accordingly, though the relative strength index sits at 83 — deep in overbought territory — hinting at a potential pullback. Analyst sentiment remains constructive: Deutsche Bank Research reiterated its “Buy” call on May 12, and DZ Bank followed suit a day earlier, both without fresh price targets. RBC, however, pegs the intrinsic value of an independent Commerzbank at €43, well above the current market price.
The next flashpoint is the annual general meeting scheduled for May 20 in Wiesbaden. The board will ask shareholders to approve a higher dividend of €1.10 per share and authorise new share buybacks, moves designed to reward loyal investors and bolster the stock’s appeal. On the political front, Berlin has already voiced its opposition to the unsolicited approach from UniCredit, throwing its weight behind the bank’s standalone strategy.
As the offer deadline draws near, the battle hinges on whether institutional holders will back management’s ambitious restructuring or be swayed by the promise of a pan-European banking champion. Commerzbank has laid down a strong hand — now it’s up to the market to decide the next move.
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