Commerzbank explores thousands of job cuts after approach from UniCredit.

Commerzbank’s supervisory board chairman Jens Weidmann said there is little chance for an amicable merger with UniCredit after the Italian bank’s surprise purchase of a large stake in the German lender, newspaper Handelsblatt reported earlier this week.

UniCredit now controls around 28% of the shares in Commerzbank, in which the lender holds about 9.5% directly, and it has also secured access to a total of 18.5% through financial instruments.

Source: MSN