.15 February 2024, Hesse, Frankfurt/M.: The lettering "Commerzbank" can be viewed on the Commerzbank High rise in the center of the financial metropolitan area. Boosted by the turnaround in rate of interest, Commerzbank is going for another revenue boost after a document year. Picture: Helmut Fricke/dpa (Photograph by Helmut Fricke/picture alliance by means of Getty Images) Photo Alliance|Picture Alliance|Getty ImagesTwo-thirds of the projects at Commerzbank might disappear if UniCredit properly carries out a hostile requisition of the German financial institution, a Commerzbank managerial board participant warned on Tuesday.Stefan Wittmann, that is likewise an elderly representative at German field association Verdi, said to CNBC's Annette Weisbach that "our company absolutely hope our team can prevent" an unfavorable takeover by the Italian financial institution. Witmann stated Commerzbank's board had gotten in touch with the German federal government to perform an inner review of the feasible takeover, which he wishes will certainly provide the banking company a six-month duration to take stock of the scenario." But if it [an aggressive requisition] is actually inevitable, our team think that two-thirds of jobs will fade away, that there will certainly be an additional significant break in the branches," he stated, depending on to a translation." Our team will definitely observe in particular that UniCredit carries out not yearn for all Commerzbank consumers in any way, but that it concentrates on the supposedly greatest consumers, specifically the wealthy clients," he added.Berlin, which was actually the most extensive shareholder of Commerzbank after it infused 18.2 billion europeans ($ 20.2 billion) to rescue the lender during the 2008 financial situation, is actually very likely to play a vital role in any kind of possible merger in between the financial institutions." Our company are in fact concerned with our financial and industrial duty. As for the labor force is regarded, which trade alliances are actually naturally particularly concentrated on, they would consistently lose out in the merger, despite the time," Wittmann claimed. The financial institution possesses however to respond to a request for comment on Wittmann's statements.UniCreditu00c2 revealed Monday it hadu00c2 raised its risk in the German lenderu00c2 to around 21% as well as submitted an ask for to increase that upholding up to 29.9%, indicating a requisition quote might be in the cards. Earlier this month, the Italian banku00c2 took a 9% stakeu00c2 in Commerzbank, verifying that half of this shareholding was obtained from the German government.UniCredit feels substantial value may be uncovered within Commerzbank, Germany's second-largest lender, but it stated that further activity is actually demanded for that market value to become "crystalized." German Chancellor Olaf Scholz criticized UniCredit's move on Monday, mentioning, "unfriendly strikes, unfavorable takeovers are not a good thing for financial institutions and that is actually why the German authorities has clearly installed on its own here," Wire service mentioned.' Incredibly tense'Commerzbank's supervisory board is due to satisfy recently to explain UniCredit's risk, people acquainted with the matter who inquired to continue to be anonymous previously informed CNBC.Wittmann stated the state of mind is actually currently "extremely stressful" within the company, including that the banking company was startled through UniCredit's news on Monday, which he described as a "180 degree-turn within 48 hours."" [UniCredit Chief Executive Officer Andrea Orcel] final spoke on Friday that he preferred a friendly requisition in agreement along with all stakeholders and political leaders. And yesterday we were actually surprised through his unfavorable requisition try. That does not build up," Wittmann said.The supervisory board member detailed that the two main factors to regard a possible merging in an essential light are actually the lack of a financial union in Europe, and the fact that UniCredit has actually "absorbed itself along with Italian authorities bonds recently." He examined what may take place must geopolitical strains or "disruptions" effect UniCredit's supply of principal city to pay for Commerzbank's industry.In response to the 2008 financial situation, the European Payment declared strategies to produce a banking union to improve the law and also oversight of banking companies across the region.Commerzbank board member warns of notable job reductions along with a dangerous UniCredit requisition Economist and former European Reserve bank Guv Mario Draghi warned in a latest document that banking companies in Europe skin governing hurdles which "constrain their capacity to provide," additionally citing the "insufficient" financial union being one aspect that impacts competition for the region's banks." Our company have constantly spoken out, featuring as staff member representatives on the Supervisory Board, that there can and must be actually mergings at [a] European level, however merely when the financial union resides in place. And also is actually merely our second point of objection, that our team mention: create the rules of the activity and the guardrails to begin with, and then do it sensibly when it is clear which participating in area our team perform," Wittmann claimed.