3,000 Workers at German Banking Giant Face Layoffs Due to Forced Acquisition

German banking giant Commerzbank will lay off 3,000 workers. This represents the company’s latest effort to undertake business transformation while strengthening its defences against a forced acquisition or “hostile takeover” attempt by Italy’s UniCredit bank. “The Bank’s sustainable transformation is accompanied by reductions across the group of up to 3,000 positions,” Commerzbank stated in its first-quarter financial report, as reported by AFP on Friday (8/5/2026). Previously, Commerzbank had announced last year that it would reduce 3,900 workers by 2028. This is also the bank’s strategy to withstand pressure from UniCredit. Lower costs and higher profits will increase the share price, making any takeover more expensive. UniCredit, based in Milan, officially launched a hostile takeover bid worth 35 billion euros or approximately US$41 billion (Rp654.5 trillion) for Commerzbank on Tuesday. It should be noted that UniCredit holds nearly 27% of Commerzbank’s shares. UniCredit’s ownership of Commerzbank shares was revealed in September 2024. Commerzbank is known in Germany as the bank that finances networks of small and medium-sized industrial companies. A forced acquisition of Commerzbank is regretted by many Germans, and the prospect of a takeover by an Italian entity is not welcomed at all. The German government has repeatedly expressed its support for the bank’s independence, and Chancellor Friedrich Merz on Thursday accused UniCredit of engaging in “aggressive and hostile” actions that “destroy trust”. Commerzbank employees also oppose the potential takeover, with officials from the Verdi trade union and supervisory board member Frederik Werning stating that he is concerned the merger would lead to large-scale job losses.