Analysis indicates that Commerzbank can withstand competition from JPMorgan

```htmlGolden Ten Data, May 21 — Benjamin Goy of Deutsche Bank wrote that Commerzbank will be able to withstand JPMorgan's competition in Germany. On Wednesday, the American bank launched a new retail banking business in Germany. Goy noted that the 4% interest rate offered to savers by the bank is quite competitive. However, the analyst stated that the German retail banking market is large enough to accommodate a new entrant. "Although some investors and analysts believe this is negative for Germany's net interest income, we think the vast German retail deposit market is more resilient and rational than commonly assumed." Therefore, the impact of the American bank's new business on Germany's second largest bank will be limited.```