Deutsche Bank CEO calls for cross-border bank mergers in EU

Deutsche Bank CEO John Cryan has called for cross-border bank mergers in Europe.

  • John Cryan: “We need more mergers, at a national level, but even also across national borders.”
  • “Scattered regionalism among banks placing unacceptable squeeze on bank profits and long-term sustainability.”
  • Top executives of Deutsche Bank and Commerzbank held talks on a potential combination in early Aug.
  • Source: “There was a round of talks in late August in which (Deutsche Bank Chief Executive) John Cryan and (Chief Financial Officer) Marcus Schenck were present.”
  • Deutsche and Commerzbank combined market value 26 billion euros ($29 billion), half of France’s BNP Paribas.
  • Both Deutsche and Commerzbank slipping down the rankings of the continent’s top banks.
  • Georg Fahrenschon, savings bank association head: “Recent demands for fundamental consolidation among banks are not appropriate.”
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