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BERLIN, Germany’s Commerzbank is expected to reach an agreement with employee representatives in September on the planned reduction of 3,900 full-time positions, the Handelsblatt business daily reported on Monday.
The German lender declined to comment on the report.
Italy’s UniCredit said earlier on Monday it had increased its voting rights in Commerzbank to about 26% by converting more of its synthetic position into physical shares, bolstering the suitor’s position as Commerzbank’s biggest shareholder.
Commerzbank Chief Executive Officer Bettina Orlopp is pursuing a strategy to remain independent and is honing its defence against the overture.
(Writing by Friederike Heine, Editing by Miranda Murray)
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