Bloomberg News

German Union Cancels Labor Agreement at Deutsche Bank Units

April 11, 2012

Germany’s bank employee labor union has canceled agreements related to four Deutsche Bank AG (DBK) units as it seeks better terms for staff, said Oliver Popp, a spokesman for the DBV union.

While strikes can’t be ruled out, the labor union expects talks with the bank to succeed, Popp said, confirming comments made by lead DBV negotiator Stephan Szukalski in an interview published today by Die Welt newspaper.

The labor union wants the 4,000 to 5,000 workers it estimates to be affected to benefit from the same conditions as colleagues at the Frankfurt-based lender’s Deutsche Postbank AG (DPB) unit, who work fewer hours per week and get more holiday, according to DBV.

Deutsche Bank expects a “constructive process” when the company starts talks with labor unions next month, said Friederike Borgmann, a spokeswoman for the firm. About 1,500 employees are subject to the labor agreements, according to the bank.

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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