Employee group calls for end to German bank merger talks
Employee representatives at Germany's Commerzbank are calling on managers to break off talks on a possible merger with Deutsche Bank, which they are describing as an "unmanageable adventure."
The major German lenders announced March 17 that they would discuss a possible combination, which the country's finance minister reportedly views favorably. However, there is widespread skepticism about the merits of a merger between two companies overhauling their businesses after years of troubles, as well as concerns about the possibility of large-scale job losses.
German news agency dpa reported that Commerzbank's employee council sent a "protest note" to management Wednesday. It said: "We are of the opinion that you are launching into an unmanageable adventure without a discernible plan, without vision and support."
In Germany, employees are represented on companies' supervisory boards.