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Germany Eyes European Banking Champion in Fix for Deutsche Woes

Birgit Jennen, Steven Arons
Germany Eyes European Banking Champion in Fix for Deutsche Woes

With Deutsche Bank AG and Commerzbank AG struggling, a chorus of German power players is suddenly stepping up calls for national champions big enough and strong enough to support the country’s export-driven economy. In the span of a few days, leading politicians, banking regulators and even Deutsche Bank’s chief executive officer have uniformly highlighted Europe’s, and especially Germany’s, fragmented financial landscape. Finance Minister Olaf Scholz on Thursday bemoaned that the financial crisis caused German banks to fall behind global rivals, creating risks for the continent’s largest economy.