Investing.com -- Commerzbank (ETR: CBKG ), based in Germany, is planning to implement staff reductions and revamp its financial targets in an attempt to ward off merger overtures from Italy's UniCredit, according to Reuters.
The bank's strategic moves are seen as gradual rather than drastic. Some of these insiders also acknowledged that preventing a takeover by UniCredit, which has caused a 50% surge in Commerzbank's stock price since it first expressed interest, might be difficult.
The planned job cuts will affect several thousand employees, according to two sources. Another source indicated that the number would range from 3,000 to 4,000 personnel from a total workforce of approximately 42,000 employees.
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