Commerzbank has announced its restructuring plans. By 2030, the bank will cut approximately 3.000 jobs. Outsourced contact centers and IT service providers will be particularly affected. The reduction is intended to be made possible by the use of AI and further automation.
According to the German news agency dpa, CEO Bettina Orlopp stated that a “very large part” of the savings planned by 2030 will be the result of the use of AI technologies. In total, approximately 3.000 jobs will be lost.
Initially, external service providers will be primarily affected, according to Orlopp. The CEO stated that the capacity of outsourced contact centers and the IT department will be reduced in particular. The bank aims to largely avoid layoffs among its own staff.
The measure is part of the bank's defense strategy against a hostile takeover by the Italian UniCredit, which already holds nearly 30 percent of the shares. The combination of cost reduction and higher profit and return targets until 2030 is intended to make Commerzbank unattractive as a takeover target and convince shareholders not to tender their shares to UniCredit.
Regarding the role of AI, Orlopp said that the impact is now greater than anticipated a year ago. “AI is extraordinarily powerful across various segments.”
(DPA)
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