FRANKFURT: Christian Sewing, the chief executive of Deutsche Bank, believes there is a strong case for a merger with rival Commerzbank, according to a person with direct knowledge of his thinking.
Sewing's stance ahead of Thursday's meeting of the supervisory board of Germany's largest bank sets the stage for a showdown with unions fearing massive job cuts.Sewing sees multiple benefits of a merger, including"clear" dominance in its home market, scale, and shared technology costs, the person said.
Deutsche's CEO also believes that a combined entity would improve the cost of funding, with"the best funding ever", the person said. Jobs would be cut with or without a merger, the person said.The position marks a shift in Sewing's position. In past months, he has urged patience, preferring to focus on internal restructuring before taking on a big project, according to other people with knowledge of his thinking.
Deutsche Bank would not have entered talks if the bank expected negotiations to fail, said a second person with knowledge of Sewing's thinking.
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