Friday, 26 April, 2019


Deutsche Bank-Commerzbank merger could put 30,000 jobs at risk

Deutsche Bank-Commerzbank merger could put 30,000 jobs at risk Deutsche Bank-Commerzbank merger could put 30,000 jobs at risk
Conrad Doyle | 19 March, 2019, 19:07

Formal disclosure of talks increases the chances of concluding a tie-up between the nation's two largest banks.

Christian Sewing, Deutsche Bank's chief executive, told employees that Deutsche still aimed "to remain a global bank with a strong capital markets business. with a global network".

Deutsche Bank and rivals Commerzbank have started exploratory merger talks after the German government signalled it would not stand in the way of a potential tie-up.

Deutsche Bank confirmed the discussions this afternoon and said the board had made a decision to "review strategic options". The companies confirmed the move to deeper discussions in statements on Sunday, capping months of speculation and behind-the-scenes talks with the finance ministry.

The government is also anxious about Deutsche, which has struggled to generate a strong profit since the financial crisis over a decade ago and has been damaged by losses at its U.S. investment banking operations.

While the banks had not publicly commented on merger talks until Sunday, Finance Minister Olaf Scholz last Monday confirmed that there were negotiations.

The merged bank would have roughly 1.8 trillion euros in assets, such as loans and investments, and a market value of about 25 billion euros ($28.3 billion), based on Friday's closing stock prices.

Commerzbank has also found it hard to grow.

It still owns a 15.5% stake in Commerzbank, acquired after the bank was bailed out following the financial crisis.

On Thursday, the supervisory boards of both banks are scheduled to hold long-planned meetings, four people with knowledge of the matter told Reuters.

"Some 20,000 or more jobs could come under fire", Bsirske said, adding that safeguarding jobs was a priority for Verdi, and that he expects tense discussions about this at both banks.

German officials fear that a recession or big fine, for example, could derail the largest lender's fragile recovery.

The merger, which the German newspaper Die Welt refers to as a historic moment for the German economy, was first floated in 2016 before Germany's two largest banks focused on restructuring.

Commerzbank, like Deutsche, has struggled to rebound, and German officials say it is vulnerable to a foreign takeover.

Critics, however, have warned that combining two ailing firms will not produce a healthy one.

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