Commerzbank Overhauls US Equity Portfolio as Governance Turmoil and 3,000 Job Cuts Take Centre Stage
25.05.2026 - 06:40:27 | boerse-global.de
Commerzbank has significantly reshuffled its US equity holdings in the first quarter of 2026, dethroning Alphabet as its top US position and installing Microsoft in pole position. The Frankfurt-based lender boosted its stake in the software giant by 21%, taking the holding to roughly $285 million within a portfolio worth just under $5 billion. Meanwhile, the bank pared its Alphabet exposure modestly, dropping the Google parent to second place, while Apple moved into third after a moderate increase. The rebalancing reflects a clear tilt toward established technology and energy names, with healthcare sharply reduced: Johnson & Johnson was slashed by 33% to $145 million, while Chevron was increased by 14% to $198 million and Cisco by 8% to $197 million.
The portfolio moves come as the bank navigates a fraught governance dispute stemming from a previously undisclosed meeting between former chief executive Manfred Knof and UniCredit boss Andrea Orcel. The meeting, which took place at Knof’s home in September 2024, fell into a highly sensitive period just after UniCredit had disclosed its initial stakebuilding in Commerzbank. Despite Knof’s assertion that Orcel arrived unannounced and the conversation yielded no new insights, the supervisory board judged his failure to inform the board as a breach of duty. As a result, Knof’s variable compensation for 2024 was slashed by 30%, a move that supervisory board chairman Jens Weidmann disclosed at the annual general meeting in Wiesbaden.
That AGM delivered a resounding show of support for the current leadership and a stiff rebuke to UniCredit’s hostile approach. Executive board members received approval rates between 99.58% and 99.64%, while the remuneration report was backed by 91.28% of shareholders. In its own assessment, Commerzbank’s management has found neither an adequate premium nor a coherent strategic rationale in UniCredit’s takeover offer, which values the shares at €34.56 apiece. The market appears to agree: Commerzbank stock closed at €36.16 on Friday, comfortably above that implied offer price.
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To counter UniCredit’s overtures, the bank unveiled its “Momentum 2030” strategy, which targets a 21% return on equity and net income of €5.9 billion by the end of the decade. A core driver is artificial intelligence: Commerzbank plans cumulative investments of around €600 million between 2026 and 2030 to automate processes and free up capacity. From 2030 onward, AI initiatives are expected to contribute roughly €500 million annually, while about 10% of staff capacity should be released. The push comes with a fresh round of job cuts: an additional 3,000 full-time roles will be eliminated across the group, on top of the 3,900 positions already flagged for removal in February 2025.
UniCredit, which now holds nearly 30% of Commerzbank’s shares plus additional instruments, has extended its tender offer until 3 July 2026. But appetite remains tepid: as of 19 May, only 0.02% of shareholders had tendered their stock. The Italian lender does not expect regulatory clearance before 2027, leaving the stand-off unresolved for now.
On a 12-month view, Commerzbank’s own shares have climbed almost 36%, reaching €36.16 at last week’s close. The relative strength index sits at nearly 80 on the primary dataset and 79.6 using a monthly lens, signalling that the stock is technically overbought. With the price trading roughly 4% below its 52-week high, the bank’s equity may soon test fresh yearly records – provided the governance noise and restructuring costs do not rattle investor confidence.
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