Culture clash: How Orcel’s profit-boosting recipe could prove a bitter pill for Commerzbank
MILAN, Aug 14 (Reuters) - UniCredit’s CEO Andrea Orcel has a blueprint for Commerzbank: slash costs, strip out management layers and push harder for revenue growth, a formula that has helped transform the Italian lender into one of Europe’s most profitable banks. Interviews with more than a dozen current and former UniCredit executives show how that transformation was achieved, and why replicating it at the German bank could prove far harder.
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MILAN, Aug 14 (Reuters) - UniCredit’s CEO Andrea Orcel has a blueprint for Commerzbank: slash costs, strip out management layers and push harder for revenue growth, a formula that has helped transform the Italian lender into one of Europe’s most profitable banks. Interviews with more than a dozen current and former UniCredit executives show how that transformation was achieved, and why replicating it at the German bank could prove far harder. Orcel said last month that Commerzbank should adopt his blueprint from January, having secured 48% of the German bank’s shares. His plan entails shrinking the Frankfurt-based lender’s cost base by €1.3 billion, a fifth of the total, while keeping it separate from UniCredit’s German unit until 2029 to 2030.
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- MILAN, Aug 14 (Reuters) - UniCredit’s CEO Andrea Orcel has a blueprint for Commerzbank: slash costs, strip out management layers and push harder for revenue growth, a formula that has helped transform the Italian lender into one of Europe’s most profitable banks. Interviews with more than a dozen current and former UniCredit executives show how that transformation was achieved, and why replicating it at the German bank could prove far harder.
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Culture clash: How Orcel’s profit-boosting recipe could prove a bitter pill for Commerzbank
Sources1TypeCoverageInvesting.com · Economy