For investors, Europe’s banks are at their lowest ebb. In the run-up to September’s European Central Bank (ECB) meeting, expectations of a new round of monetary-policy easing pushed their shares to a point not seen since 2009.
As ever-growing capital demands exacerbate the cancer of negative rates – with the sector also suffering from a series of money-laundering scandals – the sick patient of global banking now seems at death’s door.
American peers can only gloat, celebrating their far better stock valuations, and the ever-receding chances of any European bank putting up a proper challenge to their dominance of the global investment banking scene.
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