Deals
Deutsche Bank Faces Merger Pushback as 30,000 Jobs Seen at Risk
- Some supervisory board members oppose deal with Commerzbank
- Shareholders, regulators also wary about merger’s rationale
March 11: Deutsche Bank, Commerzbank Edge Closer to Merger
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Deutsche Bank AG faces stiff resistance from some supervisory board members to a merger with German competitor Commerzbank AG as the deal raises the prospect of tens of thousands of job cuts.
Jan Duscheck and Stephan Szukalski, two key labor representatives on Deutsche Bank’s highest oversight body, oppose the merger, saying a combination would fail to achieve the goal of strengthening the bank while resulting in massive staff cuts. As many as 30,000 positions could be at risk if a deal were agreed, according to people familiar with the matter.