If they stand any chance of making money from serving the small and medium-sized clients that American investment banks will never touch, European firms must gain scale by bringing together the continent’s disparate financial markets. That sounds like wishful thinking.
However, despite the gloom surrounding European banking, there are two sector leaders – Amundi, in asset management, and Kepler Cheuvreux, in equities – showing how continental consolidation can happen, even in the absence of big bank mergers.
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