Deutsche Bank Seeking a “Guarantee of Existence” with Monster-Merger?

merger would bring new meaning to the term, too big to fail

Rigged Game

Opposition Is Growing to Merger Between Deutsche Bank and Commerzbank.

The chief executive of eternally troubled Too-Big-To-Fail Deutsche Bank, Christian Sewing, believes the time is ripe for a merger with its national rival, Commerzbank, combing Germany’s two biggest, most dangerous lenders. So, too does his counterpart at Commerzbank, as does US private equity firm Cerberus, which owns 3% of Deutsche Bank and 5% of Commerzbank.

Germany’s Finance Minister and card-carrying social democrat Olaf Scholz is also firmly on board. Indeed, many say that he’s the one leading the charge despite the tens of thousands of job losses a merger between the two banks is guaranteed to produce. Scholz’s deputy, Joerg Kukies, has courted controversy for his previous role as co-chief executive of Goldman Sachs AG, which is reportedly advising Commerzbank on the proposed $28 billion tie-up. But Kukies insists there are no conflicts of interest, which is a relief.

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