FRANKFURT (dpa-AFX) - In order to prevent a possible takeover by the Italian major bank Unicredit, Commerzbank is also considering cutting thousands of jobs, according to a report in the Financial Times (FT). The plans are expected to be presented to the works council in the coming weeks, the newspaper reports, citing people familiar with the matter. The talk is of a probable reduction in jobs in the low thousands.

Commerzbank stated in response to an inquiry that investors and the public would be informed in detail about the company's strategy, which is still being worked on, at a capital market day on February 13. "We cannot anticipate the upcoming discussions in the board and supervisory board." Fundamentally, increasing competitiveness is an ongoing entrepreneurial task.

Unicredit controls around 28 percent of Commerzbank and has already announced that it will seek approval from the supervisory authorities for a stake of up to 29.9 percent. From a share of 30 percent, the Milan-based bank would be obliged to make a public takeover bid.

At the end of last year, the then head of the Commerzbank works council, Uwe Tschäge, had warned in the "Handelsblatt" that if the second-largest German private bank were taken over, two-thirds of all jobs in Germany could be lost. He said that the loss of around 15,000 jobs was a distinct possibility.

At the time, Unicredit said that this was completely unfounded. In addition to the works council and trade unions, the German government also rejects the approach of the Italians./chs/DP/he