Commerzbank to lay off 3,000 employees as CEO strives to counter UniCredit’s acquisition attempt

This German bank said on Friday that its full-year profit will reach at least 3.4 billion euros, higher than the previous expectation of more than 3.2 billion euros. The bank also announced new mid-term goals, including cutting 3,000 jobs, which is expected to help double its profits before 2030 and achieve a return on tangible equity of about 21%. “Our growth is exceeding expectations, and our new targets for 2030 reflect this,” Orlopp said in a statement. “Any alternative must be measured against this benchmark.”