The national banks Champion, the Federal Minister of Finance, so much desired, is not. For Deutsche and Commerzbank harder times to break even, says Henrik Böhme.
Of course, it is a good message that talks about a merger of Deutsche Bank and Commerzbank, will not be continued. What would have been expected to arise from the merger of two small banks? Clear: A large problem Bank. The one that was once exceedingly proud and accordingly arrogant occurring Deutsche Bank with trillion of serious risks in the books. The other, always in the shadow of large competitors operating Commerzbank, still on a drip of the state. The idea that a new banking structure – the German Commerzbank – a money house would become the Federal government would also hold five percent of the shares, is likely to have dampened the Motivation of the negotiating team of the German Bank hard.
America is far.
A Bank, which announced during the financial crisis ten years ago, they “would be ashamed of state to accept help”. You would have time! Then the German Bank would be today, perhaps in a Situation in the first place no one would have thought, to force them into a merger. Take the compelling example of the US, Where the banks HAD to accept in the financial crisis state aid. And today: Is all paid back – and JP Morgan and Co can scarcely move for power. JP Morgan, for example, has earned in the first quarter, a whopping nine billion dollars, Wells Fargo had almost to fight six billion, Goldman Sachs (real) 2.2 billion. And the Deutsche Bank: a mere 200 million euros after taxes, as a result, it was still well ABOVE expectations!
Henrik Böhme, DW-economic editorial
There are a number of reasons why you could these merger talks do not continue. The resistance of the employees in the two houses, was extremely large. Of course, because it was tens of thousands of Jobs that had been on the Brink. But also the purchase price that Deutsche Bank would probably have on the table: the twelve billion Euro. As much as you don’t have simply in the vault. You would have to ask the shareholders for fresh money. But have pumped since 2009 already 33 billion euros in the Bank, without that it could have been anything. Accordingly, the reluctance of the plans was also here.
Inglorious role of the policy
So it is nothing to do with the dream of the German Finance Minister, Olaf Scholz, however, would have had as a national banking Champion. For almost a year, he had no opportunity to rhyming. He took specially an Ex-Banker into the house (Jörg Kukies, Ex-German head of Goldman Sachs), to take it forward. As Deutsche and Commerzbank bowed then in March, finally, the pressure, and official talks was to hear from the Minister of Finance only to: This is a matter for the company and make only sense, if the count economically. And it is precisely with these words that the Minister has reacted today to the Failure of the talks. Lying it is not.
But how it must go on now? The Italian major Bank Unicredit and the Dutch ING had lifted during the current talks the Finger, and interest on the Commerzbank’s signals. This shows that With the rejection of a purely German solution, the door is open for a consolidation on a European level. Because Europe needs strong banks, is out of the question.
Where is the journey?
Interest in the German Bank has shown so far, none. The want to do this to no one. Only the yield of pearl, the asset Manager DWS, could find a new Partner – namely, the appropriate subsidiary of the Swiss Bank UBS. And then? What about the Rest of the German Bank? What is the Plan B after the failed talks with Commerzbank?
Clearly, Deutsche Bank must continue its restructuring course, and that will cost too many jobs. Because international no longer runs much and the US banks are in a League of its own, it can give Deutsche Bank a target: you must be the reliable companion of the German economy – and, indeed, anywhere in the world. That was the claim of the money house until it was destroyed by the megalomania of various heads. But this must be the claim. Other Chance there is not.