Deutsche, Commerzbank merger would put 30,000 jobs at risk: union

Business

FILE PHOTO: Banners of Deutsche Bank and Commerzbank are pictured in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo

BERLIN/FRANKFURT (Reuters) – A merger of Deutsche Bank and its rival Commerzbank could result in as many as 30,000 job cuts over the long term, a representative of German union Verdi who is a Deutsche supervisory board member told n-tv broadcaster.

Most of the 30,000 positions at risk are based in Germany, Verdi’s Jan Duscheck said, according to comments published by the TV station on Monday. Over the short term there are 10,000 jobs under threat, Duscheck added.

The fierce opposition from the union comes after both banks on Sunday confirmed talks about a merger and underlines the obstacles to efforts to combine Germany’s two biggest banks.

Shares in Deutsche Bank were up 3.4 percent at 0807 GMT while Commerzbank traded 4 percent higher.

The supervisory boards of both banks meet on Thursday and the merger is likely to be discussed.

“In our opinion a possible merger would not result in a business model that is sustainable in the long term,” Duscheck said.

Reporting by Thomas Seythal and Tom Sims; Editing by Vera Eckert/Keith Weir

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *