
The Part That Government Grants Play in Business Growth
Section: Arts
In a decisive move against the backdrop of an ongoing acquisition struggle with Italy's UniCredit, Commerzbank has announced a remarkable profit increase during the first quarter of the year. The bank reported a profit of EUR834 million, marking its best quarterly performance since early 2011. This growth comes despite various challenges, including the planned reduction of thousands of jobs and rising personnel costs.
Commerzbank's recent performance was buoyed by increased revenues from its core operations, enabling it to offset the financial pressures linked to its restructuring efforts. CEO Bettina Orlopp anticipates an overall profit of approximately EUR2.4 billion for the year. When excluding the exceptional costs associated with the job cuts, the forecasted profit rises to EUR2.8 billion.
Despite achieving a surplus of EUR747 million in the same period last year, the bank's overall earnings for 2024 reached a record high of nearly EUR2.7 billion. However, the financial institution has announced plans to cut around 3,900 full-time positions by the end of 2027, predominantly within Germany. To maintain a stable workforce of approximately 36,700 worldwide, Commerzbank plans to create new positions in its Polish subsidiary, mBank, and in lower-cost locations in Asia.
Amid these developments, the new German government has expressed strong support for Commerzbank's independence in light of the ongoing acquisition attempts by UniCredit. Finance Minister Lars Klingbeil emphasized the importance of preserving the bank's autonomy, describing UniCredit's approach as unacceptable, particularly given Commerzbank's significance to the financial system.
Since September, Commerzbank has been resisting UniCredit's aggressive acquisition strategy, which gained momentum following the German government's partial withdrawal from ownership in the bank. This strategic retreat allowed UniCredit to significantly increase its stake in Germany's second-largest private bank.
UniCredit's CEO, Andrea Orcel, has been advocating for the integration of Commerzbank into the Italian banking group. However, both Commerzbank's leadership and employee representatives have firmly opposed such a merger. Recently, UniCredit indicated that a final decision regarding the acquisition is unlikely to occur this year, as they seek to engage in a constructive dialogue with the new German government. The German state currently holds just over 12% of Commerzbank's shares.
Section: Arts
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Section: News
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Section: Health Insurance
Section: Health
Section: News
Section: Arts
Section: Arts
Health Insurance in Germany is compulsory and sometimes complicated, not to mention expensive. As an expat, you are required to navigate this landscape within weeks of arriving, so check our FAQ on PKV. For our guide on resources and access to agents who can give you a competitive quote, try our PKV Cost comparison tool.
Germany is famous for its medical expertise and extensive number of hospitals and clinics. See this comprehensive directory of hospitals and clinics across the country, complete with links to their websites, addresses, contact info, and specializations/services.
Jake Smith, known as The White Buffalo, has established himself over the past 20 years as a respected country folk musician and songwriter. His work features prominent song and soundtrack placements in the realms of television and film, including popular series such as Sons Of Anarchy, This Is Us,...
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