FRANKFURT: The merger of Deutsche Bank and Dresdner Kleinwort
Benson will join the communications departments together, leading to
concern over job cuts among the staff of both firms.
The merger, creating a business worth an estimated pounds 750 billion,
was announced last week. It is likely to lead to over 2,000 job cuts in
the UK and a higher total worldwide. The Dresdner name is likely to
disappear altogether, with the bank’s CEO Bernhard Walter predicted to
stand down after the merger is completed.
A working group has been convened under Johannes Friedemann, head of
internal communications at Dresdner and Siegfried Guterman of Deutsche
Bank. The group will discuss measures to be taken internally to
accompany the merger process.
At Deutsche Bank, staff were told of the merger press conference by
e-mail on Tuesday. Early on Thursday, they received a message from CEO
Rolf-Ernst Breuer, in which he explained the background to the merger,
before briefing 300 top executives. He then made a statement on the
company’s internal TV channel.
Edited by Gidon Freeman.