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John Authers

A Deutsche Bank Merger Won’t Fix Europe’s Banks

The problems are serious, but forming a new behemoth wouldn’t be the answer. Also, yet more Brexit follies and Brazil’s misunderstood stock rally.

Deutsche Bank needs a new plan.

Deutsche Bank needs a new plan.

Photographer: Sean Gallup/Getty Images Europe

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Deutsche Bank and Commerzbank, Germany’s two biggest banks, are in talks to merge. The news broke over the weekend, hot on the heels of a Deutsche Bank research report called “How to fix European banking... and why it matters.” So we have a rare case of a merger suitor publishing a big intellectual defense of its actions before anyone knew about the talks. The problem is that the intellectual defense can still be breached.