Commerzbank board member warns of significant job losses with a hostile UniCredit takeover

Commerzbank supervisory board member Stefan Wittmann told CNBC’s Annette Weisbach that “we certainly hope we can avoid” a hostile takeover by…

Commerzbank supervisory board member Stefan Wittmann told CNBC's Annette Weisbach that"we certainly hope we can avoid" a hostile takeover by the Italian bank.

Berlin, which was the largest shareholder of Commerzbank after it injected 18.2 billion euros to rescue the lender during the 2008 financial crisis, is likely to play a key role in any potential merger between the banks. Wittmann said the mood is currently"very tense" within the company, adding that the bank was surprised by UniCredit's announcement on Monday, which he described as a"180 degree-turn within 48 hours."

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