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Commerzbank chief predicts more market turbulence

The head of Germany’s Commerzbank predicted continued instability in European financial markets for years to come in an interview on Tuesday.

Published: 6 September 2011 17:24 CEST

Commerzbank chief predicts more market turbulence

Photo: DPA

The statement to the Handelsblatt newspaper came as the continent’s leaders battle to achieve true monetary union.

“During this time, there will be turbulence on the financial markets. That is the price for completing the currency union. I think that is acceptable,” Commerzbank boss Martin Blessing said.

Commerzbank, Germany’s second-biggest bank, has also suffered from this turbulence, its shares plunging 45 percent in three months.

On Tuesday the volatility continued as Germany’s DAX – the index of the country’s 30 leading blue-chip companies – appeared to be on track to lose about 1 percent compared to its previous day’s close of 5,246.18. Commerzbank was down more than 3 percent on the day.

In response to Germans angry that their taxes are being used to prop up debt-wracked eurozone countries, Blessing said: “The current debate in Germany is neither open nor fair. We want to have our cake and eat it. We want the euro, but we do not want the consequences.”

He said Germany should “pose the question the other way around, of how big the crisis would be if the currency union broke up.”

The best way to calm the markets now is for politicians to establish a

“binding timetable” to solve the problems, said Blessing.

AFP/mdm

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Which Bavaria-based companies regularly hire English speakers?

Munich ranks third in German cities with the highest total GDP, behind Berlin and Hamburg, but in terms of GDP per capita, it’s higher than both of them.

It also consistently ranks high, often highest, in terms of average household income.

As of 2023, nine of the 40 companies listed on DAX, Germany’s stock index, were based in Bavaria. Seven of those are based specifically in Munich.

While Frankfurt is commonly known to be Germany’s business capital, Munich can claim the title of Germany’s insurance capital, which is saying something, as Germany is home to some of the largest insurance firms in the world, like Allianz.

Beyond the state’s capital city, a number of international companies are based elsewhere in Bavaria, particularly in the Franken region, near Nuremberg.

Which companies actively hire English speakers?

Bavaria, and Munich in particular, is home to a number of companies at the forefront of international business. But the state is known for its traditional, sometimes conservative, culture, which affects its business culture as well.

Whereas companies embracing English as their primary business language are easy to find in Berlin, the practice is less common in the south. That said, there are some notable exceptions.

Sportswear giants, Adidas and Puma, both have their headquarters near Nuremberg in Herzogenaurach, and regularly recruit English speaking international talent.

“As an international company, our teams reflect the rich diversity of our consumers and communities,” Jon Greenhalgh, Senior Manager Media Relations for Adidas told The Local. “Fostering a culture of inclusion where we value and leverage differences, ensures that we can authentically engage with our employees and truly connect with our consumers.”

He added that around 40 per cent of Adidas’ Germany-based employees are foreign nationals, from over 100 different countries.

Siemens and BMW rank among Bavaria’s top employers, and are also known to hire their fair share of foreigners.

“In Germany, we recently had around 2,000 open positions,” Konstanze Somborn told The Local on behalf of Siemens AG.

He added that Siemens operates in 190 countries. “That is why we value international teams very much…English as a common language is very usual.”

READ ALSO: ‘Which German companies want to hire foreigners?’

Similarly, BMW hires workers from a variety of backgrounds.

“Every year, we hire lots of internationals and welcome them to the BMW Group,” Dr. Hans-Peter Ketterl, a press spokesman for BMW Group told The Local.

But not all of these positions are available to non-German speakers.

Ketterl added that BMW’s working language is German in the country, even though, “English is an indispensable entry requirement as the second corporate language in many areas of the company.”

Check job boards and follow best practices

If it’s your first time applying for jobs in Germany, make sure to change your resume to the German format, even for English positions.

While Germany is home to its own job boards, like Xing, LinkedIn is probably the best place to start. In addition to searching for positions based in your preferred location, you can check relevant groups, like Munich Startups, to broaden your horizons.

The English Jobs in Germany website is also a good resource to start with.

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