The union Verdi is intensifying pressure on politicians ahead of the high-level meeting between Federal Finance Minister Lars Klingbeil (SPD) and Unicredit CEO Andrea Orcel. Verdi union secretary Frederik Werning told the Handelsblatt that although the federal government currently has other urgent concerns, its commitment to a strong future for Commerzbank cannot waver.
Werning stressed that the government must maintain its stake in the bank, currently around 13 percent, as well as its right to appoint two members to Commerzbank’s Supervisory Board. He argued this involvement is necessary to safeguard sustainable agreements with Unicredit, specifically protecting the employees.
This push comes as Klingbeil has invited Orcel to Berlin for September 14. The federal government originally initiated the takeover battle after selling a block of Commerzbank shares to Unicredit in September 2024.
Werning stated that the state carries a special responsibility toward the workers, warning that Commerzbank must not suffer the same fate as Hypovereinsbank following Unicredit’s takeover in 2005, which led to a decline in jobs at the Munich institution of over 60 percent.
As someone who sits on Commerzbank’s Supervisory Board, Werning pointed out that the true negative fallout from mergers often occurs not in the first one or two years, but later on. This is precisely why the federal government needs to remain involved. “Only then can it ensure that sustainable agreements are made with Unicredit, especially regarding the protection of employees,” he insisted. Among their demands, the union is pushing for location guarantees and the exclusion of dismissals based on operational needs.
