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So much for the sepulchral calm of a German Sunday.
德國周天陰森的平靜就到此為止了。
On March 17th, after months of prodding from the German government and chatter in the financial press,
3月17日，在德國政府的督促以及金融媒體的喋喋不休下，
Commerzbank and Deutsche Bank, Germany's two largest listed lenders, said that they would begin exploring a merger.
德國商業銀行和德意志銀行，德國最大的兩家上市貸方表示他們將開始尋求合并。
A deal, both banks are at pains to add, is far from certain. If it happens, it would create Europe's third-biggest bank by assets,
這兩家銀行費盡心思添加的一項交易還遠不能確定下來。如果合并，這將成為歐洲資產規模第三大的銀行，
behind Britain's HSBC (which does most of its business in Asia) and France's BNP Paribas.
僅此于英國的匯豐銀行（其主要業務在亞洲）以及法國的法國巴黎銀行。
It would also join together two chronic underperformers. Last year Deutsche's return on equity, a puny 0.4%, was its first positive figure for four years.
這也將是兩家習慣性表現欠佳者的結合。去年，德意志銀行的凈資產收益率（僅為0.4%）是四年來首個正數。
Commerzbank's has bettered last year's anaemic 3% only once since 2011.
自2011年來，德國商業銀行的凈資產收益率高于去年的3%，但也只有這一次。
Combining two struggling banks looks like an improbable method of creating the robust "national champion" of which German ministers have been dreaming.
將兩家苦苦掙扎的公司合并就像是一種不可行方法，用于創造德國部長們一直夢寐以求的強健“全國冠軍”。
Years of ultra-low interest rates and an overcrowded banking market—
多年的超低利率和過于擁擠的銀行市場—
most of which is served by public-sector and co-operative lenders—have sapped profitability,
大部分由國營部門和合作貸方提供服務—已經削弱了盈利能力，
even though both Commerzbank and Deutsche Bank are well capitalised and amply liquid. A merger is unlikely to change that.
雖然德國商業銀行和德意志銀行資本雄厚且資金流動充足。一次合并不可能改變。
Encouragement from Berlin alone is not—or should not be—reason to merge,
僅僅是來來自政府的鼓勵不是—或是不應該是—合并的理由，
although the government is Commerzbank's biggest shareholder, with 15%.
雖然政府是德國商業銀行最大的股東，持股15%。
The right gauge is what all the shareholders of both banks would stand to lose or gain.
正確的測量標準是兩家銀行的股東將得到或失去什么。
You might suppose that Deutsche's should be keen on a fresh start. Its fall from grace since the financial crisis is a cautionary tale often told:
你可能認為德意志銀行應該渴望一個新的開始。它自金融危機以來的失寵成了老生常談的警世故事：
its share price has fallen by 90% since 2007; not until 2015 did it accept that its global moneymaking machine, aka its investment bank, was kaputt;
自2007年起其股價下跌90%；直到2015年它才接受了其全球賺錢機器，也稱投資銀行，崩潰的事實；
it is on its fourth chief executive in as many years; and so on.
它在四年里換了三個總裁等等。
But its smaller neighbour may have the better (or rather, less bad) end of the bargain.
但其較小的鄰居或許能在該交易中獲得更好的（更精確地說是沒那么糟糕的）結果。
To both banks, a merger brings the promise of scale, especially in retail banking.
對兩家銀行來說，一次合并帶來了規模的承諾，尤其是在小額銀行業務方面。
Deutsche's share of the German market— adding its upmarket "blue" Deutsche Bank brand to the more basic Postbank—is around 11%,
德意志銀行占德國市場份額—將其高端‘藍色’德意志銀行品牌添加到更基礎的郵政銀行—約為11%，
according to Autonomous Research; Commerzbank's is 8%.
獨立調查機構 Autonomous Research表示，德國商業銀行為8%。
With one-fifth of the market, a combined entity would be by far the biggest in Germany, maybe enough to exert some pricing power.
有了五分之一的市場份額，到目前為止一個合并實體將成為德國最大的實體，或許大到足以運用一些定價權。
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