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
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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.