CGB welcomes termination of merger talks between Deutsche Bank and Commerzbank

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The Christian Trade Union Confederation of Germany (CGB) and their for the banking-sector responsible trade union federation DHV welcome the termination of the merger talks between Deutsche Bank and Commerzbank. A merger, as has been advocated in particular by the Federal Minister of Finance, would have probably cost thousands of jobs and would be linked with high financial risks for the taxpayer.

CGB Regional Chairman Peter Rudolph: “Reasonable ground for a merger between Commerzbank and Deutsche Bank were not apparent at any time. That through a merger of two troubled banks no strong global player can to be forged, was obvious and casts doubt on the competence of the responsible bank-managers.

The merger talks have led to additional and unnecessary uncertainty of the employees about the future of their jobs threatened by job-cuts anyway. At the moment collective bargaining concerning the wages Deutsche Bank and Commerzbank have done a disservice. Both banks would be well advised not to look out for new potential merger partners now, but to concentrate on their own rehabilitation and the restoration of industrial peace. Deutsche Bank should pay particular attention here to the so far not completed integration of the Postbank.”

About WOW

WOW was founded as a Social Christian trade union and finds inspiration in the spiritual believe that man and universe were created by God or by persuasions coinciding with that. The increase of intercultural contacts provided opportunities for the WOW to expand and broaden its view with visions of other religious backgrounds. WOW does so in a joint attempt to build a world community based on freedom, dignity, justice and solidarity.

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