The two largest private banks in Germany to begin talks about a possible merger. The trade Union Verdi expects in the worst case, with the removal of 30’000 Jobs.
Both money houses stressed on Sunday in Frankfurt, a merger is not a foregone conclusion. But the mere possibility of splits the minds. Proponents of the merger believe that the banks can only be strong enough, compared to the global competition. Critics fear, however, a drastic job losses.
On Monday it will show, first, how the investors react on the Frankfurt stock exchange on the announcement of the talks. The Deutsche Bank had done in 2018 after three years of losses in a row, just so the return in the black. Scandals and processes devoured over the years, billion, the share price is in the basement. Commerzbank rose in the autumn of the second stock exchange League and is also changing.
The Verdi trade Union expects that in the worst case, with the removal of 30’000 Jobs, the shareholders’ Association DSW even with the out-throw of up to 50’000 employees. By the end of 2018, the two institutions together well 133’000 full-time workforce.
No competition
Germany’s top Consumer protection Klaus Müller also warned against a merger to the detriment of the consumer. “Rising prices and less variety may not be the collateral damage of the banks-Champions”, – said the head of the Federal Association of consumer advice centres (vzbv) and the “Rheinische Post” (Monday).
the head of The monopoly Commission, Achim Wambach, looks at a merger, hardly any competition problems, but a systemic risk. “There is evidence to suggest that the antitrust authorities conclude, would be, together, where appropriate, subject to conditions,” said Wambach, whose Commission advises the German Federal government, the “Rheinische Post”. The business fields of the two banks overlap only a little and were also exposed to a Fusion competition. But: “By the merger, a new threat to the financial world may arise, namely, by an increase of systemic risk.”
Verdi chief Frank Bsirske “is not lit, the sense of maturity of this Fusion at the Moment at all,” he told the “Stuttgarter Zeitung” and the “Stuttgarter Nachrichten”. “Bank and Commerzbank are useful.” Meaningful Bsirskes, who is also a member of the Supervisory Board of Deutsche Bank would be from the point of view, “a Crossover in the international direction”.
print from the policy
The policy makes, nevertheless, a long time pressure in the direction of a merger. The German Finance Minister, Olaf Scholz and his Secretary of state, the former Goldman Sachs head of Germany, Joerg Kukies, to advertise for months for German banks. In the past few weeks there had been repeated reports in the media, Scholz, and Kukies would have forced Deutsche Bank head Christian Sewing and Commerzbank chief Executive Martin Zielke to check out – ideally before the European elections end of may.
On the stock exchange, the Deutsche Bank – Germany’s largest money house – currently just over 16 billion euros, Commerzbank is around 9 billion Euro. In the top of the world, the two largest stock exchange, not more, with play-listed German banks. to Finance
a merger with the rival would need Deutsche Bank expected to be a multi-billion sum. This get together, it could separate according to insiders, completely of its Fund subsidiary DWS. A media report according to Europe’s biggest checks insurer, Allianz, a merger of the DWS business with its own asset managers, Pimco and Allianz Global Investors (AGI) would have sense. Spokesman for the company did not want to comment on the report on Sunday. (nag/sda)
Created: 18.03.2019, 07:13 PM
