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International Business Times
International Business Times
Business

BIZARRE: Germany s commerzbank to cut jobs to fight off unicredit | Mind Blowing Facts

Commerzbank UniCredit Germany Olaf Scholz Andrea Orcel
Commerzbank has been seeking to fight off UniCredit's advances (Credit: 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.

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