Deutsche Bank CEO sees strong case for merger with Commerzbank: source


FILE PHOTO: Christian Sewing, CEO of Deutsche Bank AG, addresses the media during the bank’s annual news conference in Frankfurt, Germany, February 1, 2019. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) – 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 ahead of Thursday’s meeting of the supervisory board, setting 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.

A spokesman for Deutsche Bank declined to comment.

Reporting by Tom Sims and Andreas Framke; Editing by Riham Alkousaa

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