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Employee group calls for end to German bank merger talks

March 27, 2019 GMT
Headquarters of Deutsche Bank, left, and Commerzbank photographed in Frankfurt, Germany, Monday, March 18, 2019. Deutsche Bank and Commerzbank begin talks on a possible merger. (AP Photo/Michael Probst)
Headquarters of Deutsche Bank, left, and Commerzbank photographed in Frankfurt, Germany, Monday, March 18, 2019. Deutsche Bank and Commerzbank begin talks on a possible merger. (AP Photo/Michael Probst)
Headquarters of Deutsche Bank, left, and Commerzbank photographed in Frankfurt, Germany, Monday, March 18, 2019. Deutsche Bank and Commerzbank begin talks on a possible merger. (AP Photo/Michael Probst)

BERLIN (AP) — Employee representatives at Germany’s Commerzbank are calling on managers to break off talks on a possible merger with Deutsche Bank, which they are describing as an “unmanageable adventure.”

The major German lenders announced March 17 that they would discuss a possible combination, which the country’s finance minister reportedly views favorably. However, there is widespread skepticism about the merits of a merger between two companies overhauling their businesses after years of troubles, as well as concerns about the possibility of large-scale job losses.

German news agency dpa reported that Commerzbank’s employee council sent a “protest note” to management Wednesday. It said: “We are of the opinion that you are launching into an unmanageable adventure without a discernible plan, without vision and support.”

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In Germany, employees are represented on companies’ supervisory boards.