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Cutting costs—for instance by closing branches—might take out 30% of Commerzbank's cost base, according to Magdalena Stoklosa of Morgan Stanley.
削減成本—例如關閉分支—或許可以節省德國商業銀行30%的基本開支，摩根史坦利投資公司的Magdalena Stoklosa表示。
Should the pair come to talking about takeover terms,
兩家銀行應該開始談論收購條款，
Commerzbank's bargaining position looks far stronger than it could have dreamed of a few years ago.
德國商業銀行的談判地位看起來比幾年前就能夢想到的更加牢固。
Neither bank can be called highly valued: the stockmarket prices Deutsche at a paltry 24% of net book value and Commerzbank at 31%.
兩家銀行都不能被稱為高價值：德意志銀行股票市場價格不足帳面凈值的24%，德國商業銀行是31%。
But so far has Deutsche fallen that its market capitalisation is now just twice Commerzbank's, against six times as much in 2013.
但到目前為止德意志銀行市場總值在2013年下跌6次，現在其市場總值僅為德國商業銀行的兩倍。
Even taking into account Deutsche's talent for attracting trouble, for Commerzbank the ratio may not get better than this.
即便是將德意志銀行引起麻煩的天賦考慮在內，對德國商業銀行而言，這一比率或許也不會比這個更好。
Besides extra bulk and the chance to serve more of the Mittelstand—Germany's myriad, mainly family-owned, companies—
除了額外買賣和服務更多中小型企業的機會之外—德國無數的、主要是家族所有的公司—
Commerzbank offers Deutsche improved funding. Commerzbank relies more than Deutsche on deposits,
德國商業銀行能提供給德意志銀行增加的資金。德國商業銀行比德意志銀行更依賴于存款，
which are cheaper and stickier than funds from financial markets.
存款比金融市場上的資金更便宜且難對付。
Its 311bn euros ($363bn) of deposits at the end of September were worth 63% of its adjusted assets; Deutsche's 553bn euros, 52%.
截止9月，其3110億歐元（3630億美元）的存款占其調整后資產63%；德意志銀行為5530億歐元，占52%。
So deep have been Deutsche's woes that for most of the past three years its five-year credit-default-swap spreads—
德意志銀行的悲痛如此深沉—在過去三年中的大部分時間中，其5年信用違約交換利差—
the cost of insurance against its failure to honour a bond—have been wider, often by half a percentage point or more, than those of the smaller bank.
因沒能遵守兌現債券而支付的保險成本—已經擴大，通常是半個百分點或比那些小型銀行要多。
Last month it sold bonds at steepish yields.
上個月，它以起伏陡峭的收益率出售了其債券。
Although a merged bank would have more heft at home,
雖然一家合并銀行在國內更具重要性，
it is hard to see what a takeover could do to restore Deutsche's fortunes as a global investment bank.
但很難看清一次收購能為恢復德意志銀行作為一家全球投資銀行的地位做些什么。
Having wisely given up its own international investment-banking ambitions, Commerzbank has little to offer.
已經明智放棄國際投資銀行雄心的德國商業銀行已經沒什么能夠提供的了。
Admittedly, Deutsche is not alone: since 2012, notes a new report by Morgan Stanley,
無可否認，德意志銀行并不孤單；自2012年以來，摩根史坦利投資公司在一份新報告中寫道，
European investment banks have lost nine percentage points of market share in America,
歐洲投資銀行已經失去了美國9%的市場份額，
while Wall Street firms have gained the same amount in Europe.
而華爾街公司已經在歐洲獲得了同等的份額。
Though Deutsche is still Europe's biggest, as well as its homeland's flag-bearer, it will need more than a merger to patch its tattered standard.
雖然德意志銀行仍是歐洲最大的，也是德國最大的旗手，但要修補其破碎的標準，需要的不僅僅是一次合并。
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