UniCredit to Slash €20 Billion in Corporate Loans as Commerzbank Fight Moves to the Boardroom

Orcel plans to trim Commerzbank's loan book by about €20 billion after a UniCredit takeover, focusing cuts on corporate exposures outside Germany and Poland.

Andrea Orcel is preparing to shrink Commerzbank's loan book by roughly €20 billion once UniCredit seals its long-sought takeover, according to reports from Handelsblatt and the Financial Times. The cuts would fall on corporate exposures outside Germany and Poland, sparing financing that directly serves mid-sized corporate clients in the two home markets.

The loan reduction forms part of a broader overhaul of the group's international footprint. Alongside a downsizing of foreign outposts, UniCredit intends to trim spending on external consulting contracts and marketing, while reining in perks and conference travel for senior executives. The freed-up capital is earmarked for the operating businesses in Germany and Poland.

Job Cuts and a Contested Figure

Staffing sits at the center of the restructuring. UniCredit has previously indicated that some 7,000 positions could be affected. Orcel has pushed back on union estimates that put as many as 15,000 jobs at risk.

Governance changes are moving in parallel. Once regulatory clearances are in hand, UniCredit plans to convene an extraordinary general meeting aimed at removing all ten shareholder representatives on Commerzbank's 20-member supervisory board. Press reports suggest chief executive Bettina Orlopp could also face replacement.

Berlin's Guardrails and Pending Approvals

Federal Finance Minister Lars Klingbeil set out conditions in mid-September: Frankfurt must remain the company's headquarters, the stock exchange listing must be preserved, and more than 40,000 jobs must be protected. Completion of the deal still hinges on sign-offs from the European Central Bank, the EU Commission and Poland's financial regulator.

UniCredit is targeting control of the Frankfurt lender by the end of February under its base case, with a closing as early as January if the process runs smoothly. The push to reshuffle the supervisory board has sharpened the conflict over Commerzbank's leadership. Reuters reported that UniCredit demanded in the middle of the month that Orlopp and supervisory board chairman Jens Weidmann step down from their roles. Commerzbank rejected the calls outright, pointing to its existing management board contracts.

Political friction is building as well. Manager Magazin reported in September that the German government is claiming two supervisory board seats — a demand UniCredit has turned down.

Orlopp's Countermove and Confirmed Targets

Commerzbank has answered the approach with tactics of its own. On Thursday, Orlopp floated a counter-option: as part of a potential combination, Commerzbank could absorb HypoVereinsbank, UniCredit's German subsidiary, in exchange for issuing its own shares.

Through the takeover noise, management is sticking to its operating guidance. Orlopp reaffirmed the full-year 2026 forecast at an industry conference on Thursday, according to media reports, with net interest income of €8.6 billion and a net profit of €3.4 billion. The bank continues to budget €850 million for risk provisions this year.

Market Shrugs Off the Loan-Book Reports

Investors took the news of the portfolio squeeze in stride. Commerzbank shares changed hands at €42.76 during the session, up 0.6%, keeping the stock within reach of its 52-week high of €43.34. The prior day's close was €42.50, which had left the paper 1.9% below that peak.