The Ver.di union warns of extensive job cuts in the event of a possible takeover of Commerzbank by the major Italian bank UniCredit. A merger could result in significantly more than 10,000Jobs at Commerzbank are under pressuresaid Jan Duscheck, federal specialist group leader in the banking industry at Ver.di. “During bank mergers, double structures are almost always eliminated,” he told the Picture-Newspaper.
According to the union, central functions such as administration, IT and back office would be particularly affected. “Above all, thousands of jobs would be affected in the headquarters in Frankfurt and Munich as well as in the service companies,” said Duscheck. There could also be overlaps in the branch network if locations were merged. According to Ver.di information, it could also Jobs at HypoVereinsbank, which is part of UniCredit.
Duscheck criticized the actions of UniCredit boss Andrea Orcel. “Andrea Orcel continues to act incalculably and plays with the trust of the employees – but also with the trust of the German economy,” he said.
UniCredit made an official takeover offer for the company on Monday Commerzbank presented. The federal government, which holds a twelve percent stake in Commerzbank, must approve the takeover. The federal government has already announced resistance. In addition, the Federal Financial Supervisory Authority (Bafin) and the European Central Bank (ECB) must also agree to the takeover. The takeover would also have to be examined under antitrust law.