Deutsche Bank AG's merger talks with Commerzbank AG has put its 10,000 U.S....
- Deutsche Bank AG’s merger talks with Commerzbank AG has put its 10,000 U.S. workers on edge, three employees told Reuters, with some concerned a deal could pressure Deutsche to further shrink or even dispose of its U.S. businesses.
The German government, which has a 15 percent stake in Commerzbank, is expected to retain a stake in the combined business if a deal materializes. Some employees fear that could pressure the bank to focus on its home market. Chief Executive Christian Sewing reiterated in a memo to staff on Sunday that Deutsche aimed to remain a “global bank with a strong capital markets business,” and a source familiar with the matter said the merger would not change the bank’s commitment to a strong U.S. presence.German finance minister Olaf Scholz, reportedly a proponent of the merger, has previously stressed the need for Germany’s banking sector to support German companies who want to go abroad to export.
However, encumbered by litigation and regulatory investigations into past misconduct, the business has struggled to compete with Wall Street rivals. Commerzbank, which is focused on personal and commercial lending, typically pays its staff less than Deutsche Bank. If the German government were to retain a stake in a combined entity, lawmakers would likely argue that it should keep a tight rein on pay.
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