Deutsche Bank chief executive Christian Sewing believes there is a strong case f...
FRANKFURT - Deutsche Bank chief executive Christian Sewing believes there is a strong case for a merger with Commerzbank, a person with direct knowledge of his thinking said.
He also believes that a combined entity would improve the cost of funding, with “the best funding ever”, the person said, adding that jobs will need to be cut with or without a merger. And Deutsche Bank would not have entered talks if the bank expected negotiations to fail, a second person with knowledge of Sewing’s thinking said.
Together, the banks employ 140,000 people worldwide. A Verdi spokeswoman said on Thursday that its position has not changed.At least three of Deutsche Bank’s top investors have voiced reservations about a merger, three people with knowledge of the matter said. Two of them were awaiting details from Sewing and his colleagues at Thursday’s meeting, two of the people said.
“If a bank becomes too big, complex or interconnected... it needs to have additional capital,” the ECB’s top watchdog Andrea Enria said when asked in the European Parliament about a possible tie-up between Deutsche Bank and Commerzbank.
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