Daily Business Wrap - 30,000 jobs cuts seen from Deutsche-Commerz Bank merger - video Dailymotion

Gulf News

A merger of Deutsche Bank and Commerz Bank could result in 30,000 job losses, according to a union representative who is a Deutsche supervisory board member. A successful tie-up would create the second largest bank in Europe, behind HSBC. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos

Transcript

00:00Potential merger between Deutsche Bank and Commerce Bank may result in job losses of

00:07more than 30,000. This is according to a union representative who is on Deutsche Bank's

00:13supervisory board. Remember that Deutsche Bank and Commerce Bank earlier in the week

00:19started preliminary discussions on the potential merger. If the merger is successful, this

00:24would create Europe's second biggest bank after HSBC. Remember that Angela Merkel,

00:31the German chancellor, has said that she won't be interfering in the said merger.

00:36The US Federal Reserve is meeting in Washington today to keep interest rates steady. This

00:42is according to analysts. According to a survey from Bloomberg, the Federal Reserve might

00:48hike a rate in September and that would be the end of the interest rate hiking cycle

00:55for the Fed.

00:56Norsk Hydro, one of the world's largest aluminum producers, has faced cyberattacks impacting

01:01its production and facilities all around the world. Norsk Hydro says that its IT systems

01:08have been impacted and they are switching to manual production.

Daily Business Wrap - 30,000 jobs cuts seen from Deutsche-Commerz Bank merger

Category

Transcript

Recommended