Any merger between the Deutsche Bank and Commerzbank is limited at the moment to both unions protesting the alleged deal.
Even as news reports allege Deutsche Bank and Commerzbank are working towards a merger between Germany's two biggest lenders, unions at both banks are determined to block any potential deal.
Uwe Tschaege, Commerzbank’s deputy supervisory-board chairman and head of the bank’s works council, closed ranks with union colleagues from Deutsche Bank, saying in an email Thursday that their positions are «identical», according to reports in German national and international press.
Mass Redundancies
Fears that any merger would result in mass redundancies are behind the protests by both unions. Although neither bank has made any official comment on a merger, German Finance Minister Olaf Scholz suggested this week that the government is serving as a «companion» to the discussions, as news wire «Bloomberg» reported.
