UniCredit to cut 300 to 400 jobs in Germany by 2027

UniCredit plans to cut 300 to 400 jobs in Germany, predominantly in the IT area, staggered until 2027. The background is the centralisation of IT functions and the relocation of activities to low-wage regions (including Eastern Europe) as part of a digitalisation strategy. The measure coincides with UniCredit's existing position as a major shareholder in Commerzbank and fuels speculation about possible takeover synergies. Banking unions and Commerzbank's works council are watching the developments closely.