Bank merger: thousands could find in Switzerland a Job

In Germany, Deutsche Bank and Commerzbank to control a Fusion, like on the weekend has become known. All the consequences for Switzerland are not shown. But already today it is clear that a merger is likely to have an impact on the job market.

Currently, the two big banks, to deal in the world against 133'000 employees. The German trade Union Verdi fears a merger is the loss of 30'000, some horror scenarios of 50'000 of the dismissed Bank employees that make even the round – of which a considerable part is likely to be incurred in Germany, the core market where the two banks 78'000 employees.

In Switzerland employ both money houses, with 700 employees at Deutsche Bank and over 100 employees, Commerzbank has a relatively small number of workers, but a possible wave of redundancies could also have cost centers in Switzerland.

competition

Significantly more impact could have a possible wave of redundancies in Germany on the labour market in the Swiss financial sector: Here would be expected with the new competition, when thousands of Bank employees in search of a new place. Especially in the area of the back office and in the branches should be removed in Germany.

The Swiss Association of Bank employees pursuing the possible consolidation in Germany with concern: "It is not excluded that there is a wave on the German labour market in Switzerland, when in Germany, thousands of Bank employees will be laid off," says managing Director Denise Chervet. She has the fear that the already existing pressure on wages for lower and middle management could increase.

"In Switzerland, we are not equipped enough to fight for our jobs, if it should come to such a competitive situation," says Chervet. Whether or not a possible merger of the German banks ' removal is also a big ask for the two Swiss big banks UBS and Credit Suisse would provoke, as in industry circles already suspected, but it is open.

The rumors of a possible merger between Deutsche Bank and Commerzbank, seethed for months. On Sunday, the institutions acknowledged that they have conversations, but with no guarantee: "Commerzbank and Deutsche Bank have today agreed that open-ended talks over a possible to include a merger," said Commerzbank on Sunday. The merged Bank would have had approximately 2,400 stores in Germany with a market share of 20 percent.

will not, However, help is also a merger for the time being, the fact that the big banks are in comparison to your competition is significantly less profitable. The persistently low interest rates and increasing Bank regulation to put the banks, as it is called in a study of the German Bank on the weakness of the European financial space that has been released in mid-March. The Economists are calling for in the study that the banks in Europe are to merge – and not only within a country.

In the past years, Deutsche Bank is also a possible approach to UBS, this has been said – however, including the denial of Zurich's Paradeplatz. Neither UBS nor Credit Suisse should benefit from a merger immediately. It is likely to provide little opportunities for new business, according to analysts circles. (Editorial Tamedia)

Created: 18.03.2019, 20:22 PM