The scheme has yet to be signed off by the bank's supervisory board, the lender added.
He said the two lenders were not a good fit for each other, while a crossover in an international direction would make more sense for them.
Deutsche Bank CEO Christian Sewing and his counterpart at Commerzbank, Martin Zielke, have been in intense talks for some days, the magazine said.
The organisational change, launched in October last year by the then new chief executive John Cryan, aimed to slash costs by cutting staff, overheads and selling off some non-core businesses at Germany's largest lender.
The Frankfurt-based firm added that the USD 1.23-billion plan, still to be agreed at a supervisory board meeting on Friday, would see it report a loss in the third quarter as it writes down the value of goodwill and other intangible assets.
John Cryan's remarks will likely spur further discussion about the future of the struggling bank, although he was quick to throw cold water on reports that Deutsche examined a merger with Commerzbank - which is partly owned by the German state.
The pace of fixed-asset investment slipped to 8.1 percent in January-July from 9 percent in the January-June period. Analysts had expected it to rise 8.8 percent.
Software services major Infosys on May 23 said it has bagged a five-year contract from Commerzbank, the second largest bank in Germany
The hosts' monetary and fiscal policy trajectory appears obvious: the Bank of Japan is coming under increasing pressure to counter a damaging rise in the value of the yen that could derail a fragile recovery for the world's third-largest economy.
Co-operation with ADB in development will also be on his agenda, the Finance Ministry said in a statement.
European sentiment failed to get a lift from some of Asia's gains overnight; markets traded mostly higher despite a disappointing manufacturing purchasing manager's index (PMI) from China.
In a rare upbeat announcement amid the current gloom gripping the European banking sector, Commerzbank also said it would resume dividend payments as it expects to see further profit growth this year.
US benchmark West Texas Intermediate for March delivery added 46 cents to USD 30.15 a barrel compared with Monday's close.
China's manufacturing sector contracted at the fastest pace since 2012 in January, adding to worries about demand from the world's second-biggest economy at a time when the market is already weighed down by a large supply overhang.
Indeed, China could run its biggest budget deficit in half a century this year as leaders turn to more government spending to arrest the slowdown in the economy, policy advisers say, after disappointing returns from a year of policy easing.
For the first time in decades, oil ministers dropped any reference to the group's output ceiling, highlighting disagreement among members about how to accommodate Iranian barrels once Western sanctions are lifted.
October exports fell 6.9 percent from a year ago, dropping for a fourth month, while imports slipped 18.8 percent, leaving the country with a record high trade surplus of USD 61.64 billion, the General Administration of Customs said on Sunday.
The People's Bank of China said it was studying letting "qualified" individuals invest abroad in industry, property and financial products through the Shanghai Free Trade Zone, according to a statement released on Friday.
Brent rose 30 cents to USD 48.43 a barrel by 0420 GMT after it finished up 44 cents on Friday, while US crude rose 32 cents to USD 45.86 a barrel after settling up 80 cents, buoyed by news that Russia was ready to meet OPEC, non-OPEC producers for consultations.
A report from Baker Hughes Inc. said the number of active rigs in the United States fell by 26 to 614 last week, the lowest in five years, helping ease concerns over the global crude oversupply that has depressed prices.
Brent crude was up USD 1.00 at USD 49.37 a barrel as of 0935 GMT and earlier reached USD 49.47, its highest since September 23. US crude gained USD 1.19 to USD 46.28.
Traders said that a political risk premium has re-entered oil markets over Syria, where Russia and the United States are both carrying on bombing campaigns without coordination, triggering fears of unintentional clashes.
The International Monetary Fund is likely to revise downwards its estimates for global economic growth due to slower growth in emerging economies, IMF head Christine Lagarde said in a newspaper interview.
Concerns about a slowdown in the global economy, particularly key energy consumer China, combined with an oversupply have seen crude prices tumble more than 60 percent from last year's peaks above USD 100 a barrel.
A build in gasoline inventories following the end of the US summer driving season and falling refinery runs at the start of maintenance period offset crude drawdown, John Kilduff, founding partner at Again Capital said.