Commerzbank boss: AI accounts for the majority of job cuts

"AI is very powerful in various areas." The impact is greater than was assumed just over a year ago. When it comes to job cuts, she wants to spare her own workforce as much as possible. "For example, we are reducing capacity at external call centers," said Orlopp. "The same applies to the IT environment, where we still use a lot of external staff."

Commerzbank is resisting a takeover with job cuts and ambitious profit and return targets until 2030. The DAX-listed group is trying to convince its shareholders not to sell their shares to the major Italian bank.

Commerzbank wants to avoid compulsory redundancies. "Given the demographics of the bank, we will make this process as socially responsible as possible," Orlopp emphasized.

Takeover poker comes to a head

Unicredit, which already controls almost 30 percent of Commerzbank, submitted an offer for all Commerzbank shares at the beginning of May. The Milan-based major bank is offering 0.485 new Unicredit shares for each Commerzbank share. In this way, Unicredit intends to collect further shares by June 16 without having to submit a mandatory offer, which would be significantly more expensive. The offer can be extended until July 3.

Unicredit is already active in Germany with Hypovereinsbank (HVB) and sees potential for billions in savings. At Commerzbank, Unicredit's approach is seen as hostile. The bank receives support from the federal government, which holds a good twelve percent of Commerzbank shares.

"What we cannot do is destabilize our organization," emphasized Orlopp. Unicredit had sharply attacked Commerzbank in a social media campaign, among other things, and was reprimanded for this by the financial regulator Bafin. "We make sure that we keep the organization stable, despite these inappropriate attacks," said Orlopp.

ECB Vice President's comments meet with criticism

Orlopp was critical of statements made by the European Central Bank (ECB), which is examining Unicredit's entry as a banking supervisor. ECB Vice President Luis de Guindos recently criticized the German government for its resistance to a Commerzbank takeover. This contradicts the spirit of the European single market and undermines efforts to create deeper capital markets in Europe, said de Guindos.

These comments had "already surprised" Commerzbank, said Orlopp. It seemed "strange that there is apparently open support from individual representatives for an approach aimed at destabilization". The German government had made clear the points that were difficult about Unicredit's approach. "And as a shareholder, it has every right to do so," emphasized the Commerzbank boss.

"We have never refused to engage in talks"

Commerzbank intends to present a reasoned statement on Unicredit's offer, which provides for a discount on Commerzbank's latest share price, at the beginning of next week. "Unicredit's takeover bid is de facto a strategy to shrink our business model," criticized Orlopp. Commerzbank had never refused to enter into talks. However, further talks would only make sense "if Unicredit gives a sign that they are prepared to think about the amount of the offer to our shareholders and about the business model", said Orlopp.