the financial crisis hit it harder, leading to two government bailouts. Yet mergers are to be expected in a nation with close to 1,600 banks, according to The Economist.

The mega-deal also comes at a difficult time. Both banks are navigating an economic slowdown in Germany — which nearly fell into recession at the end of last year — as well as the broader eurozone. A depressed backdrop could make it harder for the firms to satisfy Germany's tough unions and comply with its strict labour laws.

Deutsche Bank's sales fell and borrowing costs rose in the final quarter of 2018, and German officials raided its headquarters. It's unclear how absorbing Commerzbank will help Deutsche Bank's ailing investment banking arm, its main earnings driver.

Financing the merger and appeasing regulators couldOne of the exits is understood to be Francesco Taglietti, an executive director (ED) in Goldman's equity derivatives trading business. A Goldman Sachs 'lifer,' Taglietti joined the firm in 2010 after graduating from Italy's Bocconi University. Insiders say he was a rising star with a reputation for being a, "big risk taker."

The other exiting trader is thought to be James Spooner, another ED and structured products trader who was effectively running a chunk of Goldman's funds derivatives business. Like Taglietti, Spooner was a lifer; he joined Goldman in 2008 and worked his way up.

Neither Goldman Sachs, Taglietti or Spooner responded to a request to comment on their apparent exits. Taglietti is no longer on Goldman's internal directory. Spooner is, but was not at his desk when we called.

Spooner