.15 February 2024, Hesse, Frankfurt/M.: The lettering "Commerzbank" can be seen on the Commerzbank High rise in the facility of the banking metropolitan area. Improved by the turnaround in interest rates, Commerzbank is trying for another earnings boost after a record year. Picture: Helmut Fricke/dpa (Photo through Helmut Fricke/picture partnership using Getty Images) Image Collaboration|Image Collaboration|Getty ImagesTwo-thirds of the work at Commerzbank could fade away if UniCredit properly executes a dangerous takeover of the German finance company, a Commerzbank regulatory board member cautioned on Tuesday.Stefan Wittmann, who is actually likewise a senior representative at German profession alliance Verdi, said to CNBC's Annette Weisbach that "we certainly hope our team can easily stay away from" a dangerous takeover due to the Italian financial institution. Witmann pointed out Commerzbank's panel had actually contacted the German federal government to perform an interior review of the possible requisition, which he really hopes will definitely give the bank a six-month period to analyze the condition." Yet if it [a dangerous takeover] is actually unavoidable, our experts presume that two-thirds of work will certainly go away, that there will certainly be yet another substantial break in the branches," he said, depending on to an interpretation." Our team will definitely see especially that UniCredit does certainly not prefer all Commerzbank consumers at all, but that it concentrates on the apparently absolute best consumers, specifically the prosperous customers," he added.Berlin, which was the biggest shareholder of Commerzbank after it administered 18.2 billion europeans ($ 20.2 billion) to rescue the finance company in the course of the 2008 economic situation, is very likely to play a key task in any sort of potential merging in between the financial institutions." Our experts are really interested in our economic as well as industrial responsibility. As for the labor force is concerned, which trade unions are actually obviously especially focused on, they would consistently lose out in the merging, irrespective of the point in time," Wittmann said. The banking company has however to react to an ask for discuss Wittmann's statements.UniCreditu00c2 revealed Monday it hadu00c2 boosted its own stake in the German lenderu00c2 to around 21% and also submitted a demand to improve that pursuing up to 29.9%, signifying a requisition bid could be in the cards. Earlier this month, the Italian banku00c2 took a 9% stakeu00c2 in Commerzbank, affirming that half of this particular shareholding was actually acquired from the German government.UniCredit believes substantial market value can be opened within Commerzbank, Germany's second-largest lender, however it claimed that more activity is demanded for that market value to be "crystalized." German Chancellor Olaf Scholz criticized UniCredit's carry on Monday, stating, "unfriendly assaults, aggressive takeovers are not a benefit for financial institutions and also is actually why the German federal government has plainly installed on its own here," Wire service reported.' Extremely tense'Commerzbank's managerial board is because of meet recently to talk about UniCredit's stake, people acquainted with the matter that inquired to stay undisclosed formerly told CNBC.Wittmann mentioned the state of mind is presently "quite stressful" within the firm, adding that the bank was actually startled by UniCredit's statement on Monday, which he described as a "180 degree-turn within two days."" [UniCredit Chief Executive Officer Andrea Orcel] last talked on Friday that he wanted a welcoming takeover in agreement with all stakeholders as well as public servants. And also last night we were stunned through his hostile requisition attempt. That does not build up," Wittmann said.The ministerial board member discussed that both principal explanations to regard a possible merging in a crucial light are the shortage of a banking union in Europe, as well as the reality that UniCredit has actually "absorbed on its own with Italian government bonds in the last few years." He examined what may happen need to geopolitical stress or even "difficulties" impact UniCredit's supply of principal city to finance Commerzbank's industry.In feedback to the 2008 economic crisis, the European Payment declared plans to produce a financial union to enhance the regulation and direction of financial institutions across the region.Commerzbank board participant warns of notable task losses along with a hostile UniCredit takeover Economic expert as well as former International Reserve bank Governor Mario Draghi flagged in a recent report that banking companies in Europe skin regulative hurdles which "constrain their ability to provide," also presenting the "incomplete" financial union as one element that influences competitiveness for the area's banks." Our team have regularly spoken out, consisting of as worker reps on the Supervisory Board, that there can easily and also ought to be actually mergers at [a] European amount, however merely when the banking union remains in location. Which is simply our second aspect of criticism, that we state: create the policies of the video game as well as the guardrails to begin with, and after that perform it properly when it is very clear which playing field our team perform," Wittmann claimed.