This could doom Germany’s ‘super bank’ merger
London (CNN Business)Labor unions fear that a merger between Deutsche Bank and its smaller German rival Commerzbank could lead to the loss of 30,000 jobs. That’s just one reason it may never happen.
Germany’s largest bank confirmed Sunday that formal discussions are underway with Commerzbank (CRZBF). CEO Christian Sewing told Deutsche Bank (DB) employees he would only pursue options that make “economic sense.”
Buying Commerzbank would solidify Deutsche Bank’s position in Germany’s fractured retail banking market while satisfying politicians who want a national champion that can provide financing for German companies. The German government owns 15% of Commerzbank after a bailout in 2009.
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