German Chancellor Angel Merkel hesitates to approve a merger of Deutsche Bank and Commerzbank. Several German media and Bloomberg report unanimously that the management of Deutsche Bank is trying to obtain Merkel's approval.

Merkel's hesitation may have two reasons: Because the German state holds 15 percent of Commerzbank, a merger would automatically make the state the owner of what would then be the third-largest bank in Europe. However, this would also put Germany in the difficult position of saving the bank in the event of a crisis. Merkel wants to avoid this.

Merkel is also shying away from a quick start to negotiations because a merger would cost thousands of jobs. Volkswagen has just announced the reduction of 7,000 employees. The savings at a new major bank are likely to be at least in the same order of magnitude. Since state elections are imminent in several German federal states, Merkel would rather postpone the decision further.