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Deutsche Bank Faces Merger Pushback as 30,000 Jobs Seen at Risk

Some supervisory board members oppose deal with Commerzbank
Shareholders, regulators also wary about merger’s rationale

Video player cover image — March 11: Deutsche Bank, Commerzbank Edge Closer to Merger

By

Steven Arons and

Nicholas Comfort

March 12, 2019, 2:48 PM UTCUpdated onMarch 13, 2019, 8:05 AM UTC

Deutsche Bank AG faces stiff resistance from some supervisory board members to a merger with German competitor Commerzbank AG as the deal raises the prospect of tens of thousands of job cuts.

Jan Duscheck and Stephan Szukalski, two key labor representatives on Deutsche Bank’s highest oversight body, oppose the merger, saying a combination would fail to achieve the goal of strengthening the bank while resulting in massive staff cuts. As many as 30,000 positions could be at risk if a deal were agreed, according to people familiar with the matter.