.15 February 2024, Hesse, Frankfurt/M.: The lettering "Commerzbank" could be observed on the Commerzbank High rise in the facility of the banking metropolitan area. Enhanced by the turnaround in interest rates, Commerzbank is aiming for another income increase after a record year. Image: Helmut Fricke/dpa (Photograph through Helmut Fricke/picture collaboration via Getty Images) Photo Alliance|Picture Alliance|Getty ImagesTwo-thirds of the jobs at Commerzbank might go away if UniCredit efficiently carries out an aggressive takeover of the German creditor, a Commerzbank ministerial board participant cautioned on Tuesday.Stefan Wittmann, who is likewise an elderly representative at German business alliance Verdi, said to CNBC's Annette Weisbach that "we undoubtedly wish our company may avoid" a hostile takeover by the Italian financial institution. Witmann pointed out Commerzbank's board had contacted the German authorities to carry out an internal review of the achievable takeover, which he really hopes will certainly provide the financial institution a six-month period to analyze the circumstance." But if it [a hostile requisition] is actually inevitable, we think that two-thirds of work will vanish, that there will certainly be actually yet another notable break in the divisions," he claimed, according to a translation." Our company will certainly view in particular that UniCredit does not prefer all Commerzbank consumers at all, however that it focuses on the supposedly greatest customers, particularly the well-off customers," he added.Berlin, which was the biggest shareholder of Commerzbank after it administered 18.2 billion europeans ($ 20.2 billion) to save the lending institution throughout the 2008 monetary dilemma, is actually likely to play a key part in any prospective merger in between the financial institutions." Our experts are actually concerned with our economic and also commercial task. Regarding the workforce is concerned, which trade unions are actually obviously especially paid attention to, they would certainly regularly lose in the merger, no matter the moment," Wittmann claimed. The banking company possesses however to react to a request for comment on Wittmann's statements.UniCreditu00c2 declared Monday it hadu00c2 improved its risk in the German lenderu00c2 to around 21% and also submitted a demand to enhance that pursuing around 29.9%, signifying a requisition quote could be in the memory cards. Previously this month, the Italian banku00c2 took a 9% stakeu00c2 in Commerzbank, verifying that one-half of the shareholding was obtained from the German government.UniCredit thinks considerable value could be uncovered within Commerzbank, Germany's second-largest lending institution, but it stated that further activity is required for that market value to be "crystalized." German Chancellor Olaf Scholz slammed UniCredit's move on Monday, mentioning, "unfriendly assaults, dangerous takeovers are actually not an advantage for banking companies and that is why the German authorities has plainly placed on its own here," Reuters reported.' Quite tense'Commerzbank's supervisory board results from fulfill today to talk about UniCredit's risk, folks knowledgeable about the concern that asked to continue to be undisclosed earlier told CNBC.Wittmann claimed the mood is actually currently "quite strained" within the business, including that the banking company was startled by UniCredit's announcement on Monday, which he described as a "180 degree-turn within two days."" [UniCredit Chief Executive Officer Andrea Orcel] final communicated on Friday that he preferred a pleasant takeover in contract along with all stakeholders and also public servants. And last night our company were startled by his dangerous takeover try. That does not add up," Wittmann said.The managerial board participant described that both main reasons to concern a potential merging in a vital lighting are the shortage of a banking union in Europe, and the simple fact that UniCredit has "absorbed on its own along with Italian government relationships in the last few years." He questioned what may happen need to geopolitical strains or "difficulties" impact UniCredit's supply of principal city to finance Commerzbank's industry.In feedback to the 2008 financial problems, the European Commission declared plannings to create a banking union to enhance the law as well as direction of financial institutions all over the region.Commerzbank board member portends substantial project reductions along with an aggressive UniCredit requisition Economist and also past International Central Bank Guv Mario Draghi flagged in a current record that financial institutions in Europe skin governing difficulties which "constrain their capability to lend," additionally mentioning the "insufficient" financial union being one element that affects competition for the location's banks." Our company have actually constantly spoken up, featuring as staff member agents on the Supervisory Board, that there can and must be actually mergings at [a] European level, yet merely when the financial union is in place. And that is actually just our second aspect of criticism, that we state: make the guidelines of the activity and the guardrails to begin with, and afterwards perform it smartly when it is actually clear which playing area we are on," Wittmann claimed.