.15 February 2024, Hesse, Frankfurt/M.: The lettering "Commerzbank" could be viewed on the Commerzbank Tower in the center of the banking metropolitan area. Increased due to the turnaround in interest rates, Commerzbank is pursuing yet another earnings rise after a record year. Image: Helmut Fricke/dpa (Photo through Helmut Fricke/picture partnership using Getty Images) Picture Collaboration|Image Partnership|Getty ImagesTwo-thirds of the tasks at Commerzbank might go away if UniCredit effectively carries out an unfavorable requisition of the German finance company, a Commerzbank supervisory board member notified on Tuesday.Stefan Wittmann, who is actually also an elderly official at German trade alliance Verdi, told CNBC's Annette Weisbach that "our team undoubtedly hope we may avoid" an aggressive takeover by the Italian banking company. Witmann said Commerzbank's board had contacted the German federal government to carry out an interior review of the achievable takeover, which he hopes will certainly provide the bank a six-month period to take stock of the condition." But if it [a dangerous takeover] is actually inevitable, our company believe that two-thirds of work will certainly disappear, that there will be an additional notable cut in the branches," he said, depending on to an interpretation." Our team are going to observe especially that UniCredit does certainly not want all Commerzbank customers in all, yet that it focuses on the allegedly greatest clients, such as the well-off customers," he added.Berlin, which was actually the most extensive shareholder of Commerzbank after it administered 18.2 billion euros ($ 20.2 billion) to rescue the finance company during the course of the 2008 financial dilemma, is actually likely to participate in a key task in any type of possible merger in between the banks." Our company are actually interested in our economic as well as industrial task. As far as the workforce is involved, which trade associations are actually naturally particularly paid attention to, they would consistently lose in the merger, no matter the point," Wittmann mentioned. The bank possesses however to reply to a request for talk about Wittmann's statements.UniCreditu00c2 introduced Monday it hadu00c2 boosted its own concern in the German lenderu00c2 to around 21% and submitted a demand to boost that pursuing as much as 29.9%, signifying a takeover proposal might be in the memory cards. Previously this month, the Italian banku00c2 took a 9% stakeu00c2 in Commerzbank, confirming that one-half of the shareholding was actually gotten from the German government.UniCredit feels considerable worth could be uncovered within Commerzbank, Germany's second-largest finance company, but it stated that further action is required for that value to become "crystalized." German Chancellor Olaf Scholz slammed UniCredit's proceed Monday, claiming, "unfriendly attacks, unfavorable requisitions are certainly not a good idea for financial institutions and that is actually why the German government has accurately installed itself here," Reuters reported.' Very tense'Commerzbank's supervisory board results from meet recently to talk about UniCredit's concern, individuals aware of the matter that inquired to stay confidential previously told CNBC.Wittmann stated the state of mind is actually presently "extremely strained" within the firm, adding that the banking company was actually stunned by UniCredit's news on Monday, which he called a "180 degree-turn within 2 days."" [UniCredit Chief Executive Officer Andrea Orcel] last spoke on Friday that he wanted a helpful takeover in arrangement with all stakeholders as well as politicians. And also the other day we were startled by his unfavorable takeover attempt. That does not accumulate," Wittmann said.The supervisory board member described that both primary reasons to regard a potential merger in a critical lighting are the absence of a banking union in Europe, and the fact that UniCredit has "absorbed on its own with Italian government bonds recently." He questioned what could happen must geopolitical strains or even "disruptions" influence UniCredit's accessibility of capital to finance Commerzbank's industry.In reaction to the 2008 monetary situation, the European Compensation declared strategies to produce a banking union to strengthen the rule as well as direction of banking companies throughout the region.Commerzbank board member warns of notable job reductions with an unfavorable UniCredit requisition Economist as well as former International Central Bank Guv Mario Draghi flagged in a recent record that financial institutions in Europe skin regulatory obstacles which "constrain their capacity to give," likewise presenting the "inadequate" banking union as one element that influences competitiveness for the location's banks." Our team have consistently spoken out, featuring as staff member agents on the Supervisory Board, that there can and also must be mergings at [a] International level, however merely when the financial union resides in place. Which is actually merely our 2nd factor of unfavorable judgment, that our company state: develop the guidelines of the game and also the guardrails initially, and afterwards do it properly when it is clear which playing area our team perform," Wittmann mentioned.