Deutsche Bank and Commerzbank are about to announce that they are discussing a merger with each other. Deutsche Press Agentur news agency learned from German bank circles on Sunday morning.

For months there has been speculation about a merger between the two large German banks. In recent days, there has been a rumor that Deutsche Bank was busy gaining political support in Berlin for a merger. The Ministry of Finance has since announced that it “would face open economically meaningful options.”

In Germany there are concerns about the lack of a bank that can compete as an international player, in particular with regard to Anglo-Saxon competition. The industry is suffering from low interest rates and high legal costs in Germany in the wake of the financial crisis ten years ago.

The announcement is said to come later today. If a merger were to occur, a bank with 38 million customers and 840 billion in savings would be created in the vaults with 140,000 employees. Unions have already indicated that they do not like a merger. They fear the loss of tens of thousands of jobs when the two banks merge.