Germany: Commerzbank staff oppose merger

About 83pc of Commerzbank employees who took part in a staff survey are against a merger with Deutsche Bank, according to preliminary results of the poll seen by Reuters yesterday.

Germany’s two largest banks announced in March that they were in talks to merge, a tie-up that unions have said could result in the loss of 30,000 jobs.

Opposition to the proposed deal is stronger at Commerzbank than Deutsche Bank, where a similar survey showed nearly 70pc did not favour a tie-up. “Distance yourselves from the merger plans,” Commerzbank’s works council wrote in an open email to the bank’s management board with the results of the survey, taken during the fifth week of merger talks.

Employees’ opinions count in Germany because workers make up half of companies’ supervisory boards that usually are required to sign off on mergers.

Full Content: Independent

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