“AT1s and equity are closely matched asset classes whose fortunes have markedly diverged”
“It is difficult to see how many banks in Europe will be able to cover their cost of equity on a standalone basis”
“No one creates a conservative enough financial policy to get them through a three-month period of shutdown – and they shouldn’t”
“Covid helped us in many ways. It has stopped foreign strategic bidders from getting into the process, and Japanese strategics had their own issues domestically”
“I believe this business is going to change very fast.