Verdi, the German trade union, has warned that a takeover of Commerzbank by Italy’s major bank UniCredit could have severe consequences for employees. Jan Duscheck, Verdi’s national leader for the banking sector, said that in most bank mergers, parallel structures are almost always eliminated, and he expects that more than 10,000 Commerzbank jobs could be put under pressure. The union singles out essential functions such as administration, IT and back‑office as particularly vulnerable, with thousands of positions at the central branches in Frankfurt and Munich-and in the service companies-likely to be affected. Overlaps in the branch network could also force redundancies. Additionally, work at Hypovereinsbank, already part of the UniCredit group, may be at risk. Duscheck sharply criticised UniCredit chief Andrea Orcel, accusing him of behaving unpredictably and playing with the trust of employees-and with the trust of the German economy.
Economy / Finance
