Commerzbank and Dresdner to merge

Commerzbank has bought rival German bank Dresdner from Allianz for €9.8 billion and has revealed 9,000 jobs will be axed as part of the deal.

The merger of Germany's second and third largest banks will have 11 million customers, creating a direct rival to Deutsche Bank.

The merged banks will have around 67,000 staff but there will be 9,000 redundancies as a result.