No more level playing field as the cost of bank funding goes up
Well-capitalized banks with ample liquidity, diversified funding and conservative risk management will fare better during the coming downturn than the former champions that took on excessive leverage and risk in the bull market. Banks with businesses in emerging markets should benefit from more resilient earnings.
WHEN WILL THE bad news end for banks? It would take a brave investor to reply with conviction any time soon.
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