FRANKFURT - Merger talks between Deutsche Bank and Commerzbank are expected to end in failure, although no final decision has been taken, a person with knowledge of the matter said on Thursday.
German government officials, led by Finance Minister Olaf Scholz, have pushed for a tie-up to create a national banking champion and end questions over the future of both banks, which have struggled to recover since the financial crisis. The inability to craft a deal will increase pressure on Deutsche Bank to make more radical changes, such as cuts to its U.S. investment bank that regulators and some major investors have been advocating. Deutsche is already looking at a deal for its asset management unit.
The European Central Bank would ask Deutsche Bank to raise fresh funds before it gave the go-ahead for a merger, a person with direct knowledge of the matter has said. Both banks announced the start of formal talks on March 17 and have since been crunching the numbers for a tie-up.
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Only to fail because the media says so!
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