Think of a European bank that needs to shrink its corporate and investment bank.
Deutsche Bank or Societe Generale probably come to mind, but ABN Amro’s decision to run down all corporate banking outside Europe – and exit commodity trade finance completely – is a timely reminder of the next layer down.
Below the likes of Deutsche and SocGen, European wholesale banks’ competitive advantages are even less able to justify their costs after Covid-19 and as Basel reforms suck up more capital.
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