CARY – Merger talks between Germany’s two biggest banks have collapsed.

Deutsche Bank and Commerzbank announced Thursday that they would abandon merger discussions that started six weeks ago.

The banks said in statements that execution risks, restructuring costs and capital requirements from a deal would have outweighed the benefits.

Deutsche Bank bases its software and applications development group in Cary where some 900 people work.

According to jobs website GlassDoor, the Cary operation has 34 openings as of Thursday morning.

A merger would have created a German national champion better able to compete with larger US rivals.

But the proposed deal faced push-back from labor unions, which worried about job cuts. And many market observers doubted a tie-up would have helped resolve longstanding problems at both banks.

Union warns Deutsche Bank merger would cost 20,000 jobs

Deutsche Bank, which has big operation in Cary, is talking merger with German rival