Deutsche and Dresdner bank: Into the blender

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On March 9, Deutsche Bank and Dresdner Bank announced a “merger of equals” in a deal which could leave insurer Allianz owning and controlling their retail network. Deutsche and Dresdner said they will be “blending the best” to create a winning investment and private banking giant, but insiders fear another UBS-style massacre. Who devised this millennium deal and will it work? Early reports suggest there are many on both sides who wish the whole thing had never been started. David Shirreff reports