Deutsche bank announces information before end of april

Deutsche bank announces information before end of april

Deutsche bank plans to give an update before the end of april on the status of its proposed merger with commerzbank.

Until the presentation of the quarterly figures on 26 september. On april, the bank will provide an update on this, announced deutsche bank supervisory board chairman paul achleitner at an event in vaduz, liechtenstein.

According to him, the decision about a possible merger is up to the boards of the two geldhauses. They were supported in this by the supervisory rates. On request, a spokesman for the deutsche bank confirmed achleitner’s statements as reported in the media.

Resistance to a possible merger is growing at commerzbank. The institute’s general works council demanded that the executive board break off the talks. "It is time to limit the damage now," reads a "protest note" from the committee to the executive board, which is available to the deutsche presse-agentur in frankfurt. "Your plan has no support among the management, the employees, the boards, the customers of our bank or in society as a whole." Earlier the "handelsblatt" had quoted from the letter.

"We are of the opinion that you are plunging into an unmanageable adventure without a recognizable plan, without vision and without the backing," write the employee representatives and admonish the board of management around group CEO martin zielke: "make responsible decisions for the future of our commerzbank and refrain from this project."Critics fear, for example, that a merger would cost at least 30 percent.000 jobs would cost.

The two major german private banks had presented a proposal on 17. Marz explains that they are discussing a possible merger. According to the works council, this is already having a negative impact on commerzbank: "we can already see that even at this stage of the discussion, customers are worried and angry and want to turn their backs on the bank."

In his latest annual report, commerzbank CEO zielke expressed confidence: "for the current fiscal year, we expect a slightly higher net profit than in the previous year."In 2018, the bank, which has been listed on the mdax since the fall, made a profit of 865 million euros, almost seven times as much as in the previous year (128 million euros).

Commerzbank’s largest shareholder is the federal government, which holds a good 15 percent of the shares. Since summer 2018, federal finance minister olaf scholz (SPD) and his secretary of state, former goldman sachs germany boss jorg kukies, have been stressing that germany needs strong banks. The federal government is "open to economically sensible options".

In an interview with the "frankfurter allgemeine zeitung" (wednesday), scholz emphasized that he was not in the "driver’s seat" in the negotiations on a possible merger of deutsche bank and commerzbank.

When asked why he was urging the two companies to merge, scholz replied: "the boards of the two banks have decided that they want to investigate the possibility of a merger with an open mind." He could not imagine "boards of major banks daring to enter into a merger they do not want just because they have been urged to do so," the SPD politician said.

It is nevertheless right "that we talk to all the banks," said scholz. "This is one of the tasks of the ministry of finance."The ministry has an interest in a strong banking sector. "That’s why we have to make industrial policy," the finance minister said.

Achleitner contradicted the widespread impression in vaduz that scholz had urged deutsche bank to merge with commerzbank. The minister had "in no way" exerted pressure on him or the bank management. Achleitner also said at the conference that the problem for european banks may not be that they are "too big to fail", but "too small to scale". Rough pay in the financial sector.

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