Commerzbank CEO Announces 3,000 Job Cuts While Holding Merger Talks With Unicredit

Commerzbank is engaged in ongoing deal talks with Unicredit, its CEO Bettina Orlopp said in an interview with CNBC's Annette Weisbach. The German lender's chief executive also announced 3,000 job cuts intended to reach profit targets. Bettina Orlopp expects Unicredit to accept a premium for shareholders as the two sides continue discussions.

The CEO of Commerzbank outlined the bank's expectations for any potential deal while addressing the internal cost measures. The 3,000 job cuts come as Commerzbank seeks to hit its financial goals. Orlopp, who leads the German lender, tied the reductions directly to the effort to meet profit targets.

Commerzbank CEO Bettina Orlopp spoke of the need for Unicredit to recognize added value for investors. "expect Unicredit to accept premium for shareholders," she told CNBC, framing the stance as a baseline for any transaction. The announcement of job cuts and the update on deal talks arrived together in the same interview.

Orlopp positioned both the cost-saving initiative and the merger discussions as parallel tracks for the bank's future performance. Commerzbank is a German lender that has been in active negotiations with Unicredit for weeks. Bettina Orlopp's comments represent the most detailed public signal yet on the bank's expectations for shareholder compensation in any eventual agreement.

The job reductions form a central element of Commerzbank's plan to improve profitability. Orlopp stated the cuts would be implemented to reach the profit targets the bank has set for itself.