The possible merger between Deutsche Bank and Commerzbank is a bit like Theresa May’s Brexit deal. Almost nobody likes it. But it may well happen anyway.

Among those nervous about a merger are many Deutsche employees in London, who fear it could mean more big cutbacks in the German lender’s struggling investment bank. But this seems too gloomy. The outlook for Deutsche’s investment banking business may not be bright, but the announcement of formal merger talks doesn’t make it obviously worse.