Deutsche bank merger puts 10,000 jobs at risk in Frankfurt alone

Employee representatives at both lenders paint gloomy picture

London’s Brexit exodus was supposed to boost the number of finance jobs in Frankfurt. Now, a potential merger between Deutsche Bank AG and Commerzbank AG puts the gains at risk.

“In Frankfurt alone, between 4,000 and 5,000 jobs could be cut in a merger,” said Stephan Szukalski, head of the DBV union and a member of Deutsche Bank’s supervisory board. Stefan Wittmann, a Verdi union representative who is on Commerzbank’s supervisory board, said that between 8,000 and 10,000 Frankfurt jobs are in danger. “This is the result of a preliminary analysis that we have made,” he told Bloomberg.

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