The idea that German government support for a Deutsche Bank-Commerzbank merger is back-door nationalization – bringing Deutsche to heel, not just facilitating a bailout – reflects an ever-clearer reality in European banking. Unrelenting reassertion of public control over European banks is the biggest cause, not just the result, of their widening profitability gap and their increasing lag in terms of international assertiveness versus the Americans.
The same dynamic is at play in Banco Santander’s recent attempt to hire Andrea Orcel.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
