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Illustration: Ron Borrensen |
Napoleon’s retreat from Moscow in 1812 proved withdrawal can be as deadly as invasion. It is a lesson not lost on European banks today as they beat a retreat from international markets, downsize businesses and shed risk-weighted assets, seven years after the global crisis.
An over-banked industry is saddled with up to €1 trillion of non-performing loans and razor-thin net interest margins. Lenders have diminished risk appetite and operational capacity to build fee and commission income.
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