Commerzbank's Strategic Moves Amid Workforce Reduction Plans

Commerzbank is in talks with employee representatives to cut 3,900 jobs by September. Meanwhile, UniCredit has increased its stake to 26%, strengthening its position as Commerzbank’s largest shareholder. CEO Bettina Orlopp is focused on maintaining the bank's independence despite UniCredit's interest.

Germany's Commerzbank is poised to finalize an agreement with employee representatives by September to cut 3,900 full-time positions, according to a report by the Handelsblatt business daily.

The German bank has not yet responded to a Reuters request for comment. Meanwhile, Italy's UniCredit announced it had increased its voting rights to about 26% by converting more synthetic positions into physical shares, reinforcing UniCredit's status as Commerzbank's largest shareholder.

Commerzbank CEO Bettina Orlopp is committed to a strategic plan aimed at preserving the bank's independence, even as it faces external interest from UniCredit.

(With inputs from agencies.)