Tags: EU | Germany | Bank | Merger

Employee Group Calls for End to German Bank Merger Talks

Employee Group Calls for End to German Bank Merger Talks

Wednesday, 27 March 2019 10:38 AM EDT

BERLIN (AP) — Employee representatives at Germany's Commerzbank are calling on managers to break off talks on a possible merger with Deutsche Bank, which they are describing as an "unmanageable adventure."

The major German lenders announced March 17 that they would discuss a possible combination, which the country's finance minister reportedly views favorably. However, there is widespread skepticism about the merits of a merger between two companies overhauling their businesses after years of troubles, as well as concerns about the possibility of large-scale job losses.

German news agency dpa reported that Commerzbank's employee council sent a "protest note" to management Wednesday. It said: "We are of the opinion that you are launching into an unmanageable adventure without a discernible plan, without vision and support."

In Germany, employees are represented on companies' supervisory boards.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Employee representatives at Germany's Commerzbank are calling on managers to break off talks on a possible merger with Deutsche Bank, which they are describing as an "unmanageable adventure."The major German lenders announced March 17 that they would discuss a possible...
EU,Germany,Bank,Merger
132
2019-38-27
Wednesday, 27 March 2019 10:38 AM
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