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

By  |  March 18, 2019

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.

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

    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 German government has pushed for a combination given concerns about the health of Deutsche, which has struggled to generate sustainable profits since the 2008 financial crisis.

    Full Content: Reuters

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