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I already tweeted my main thoughts on a #Deutsche #Commerz deal but since it is now LIVE, a few additional thoughts (thread.)
The social cost is likely to be very high (think 20,000 jobs.) The government must be really desperate about the situation of Deutsche to push for that deal!
Is it a good deal though? German banking M&A is notoriously difficult, there are a few horror stories (Dresdner, HVB…) and even in Excel land, the maths are not great – that’s even if you make bold assumptions on synergies.
