Deals
Cryan Calls for Bank Mergers After Mulling Commerzbank Deal
- Cryan, Commerzbank’s Zielke said to have weighed a merger
- Deutsche Bank also considered asset management sale, WSJ says
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Deutsche Bank AG Chief Executive Officer John Cryan urged more consolidation among European banks struggling to shore up profitability, after his own firm held talks with its biggest German rival earlier in August about a possible deal.
“We need more mergers, at a national level but also across national borders,” Cryan said at a conference hosted by Handelsblatt in Frankfurt on Wednesday. A person familiar with the matter said Deutsche Bank and Commerzbank AG held merger discussions but decided against pursuing a transaction to focus on restructuring their own businesses first.