The logo of German bank Commerzbank seen on a branch office near the Commerzbank Tower in Frankfurt.
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Commerzbank is exploring cutting thousands of jobs as it seeks to fend off an unwanted approach from Italy’s UniCredit, the Financial Times reported on Saturday, citing people familiar with the matter.
The plans that are not yet finalised, were expected to be unveiled to the workers’ council over the coming weeks, the report added.
Commerzbank did not immediately respond to a Reuters request for comment outside regular business hours.
Commerzbank’s supervisory board chairman Jens Weidmann said there is little chance for an amicable merger with UniCredit after the Italian bank’s surprise purchase of a large stake in the German lender, newspaper Handelsblatt reported earlier this week.
UniCredit now controls around 28% of the shares in Commerzbank, in which the lender holds about 9.5% directly, and it has also secured access to a total of 18.5% through financial instruments.