So far, the 2019 edition of the merger between Deutsche Bank and Commerzbank is following the playbook.
The sector is unprofitable in Germany, so a merger is the only thing that makes sense, but the sector is unprofitable, so a merger can’t help either firm.
Commerz has its legacy books of Italian and Spanish sovereign debt to deal with, Deutsche has its struggling trading operation, and the first quarter of 2019 has not exactly started well for the European banks.
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