The comparisons with U.S. peers just got a lot harder for European banks after a strong showing from J.P. Morgan to kick off earnings season, but could there be fresh revenue on the way for European investment banks?
The comparisons with U.S. peers just got a lot harder for European banks after a strong showing from J.P. Morgan to kick off earnings season, but could there be fresh revenue on the way for European investment banks, even if it is of their own making?
European banks have found themselves wedged into the same category as basic resources back in 2015: uninvestable. The loser wasn't the ultra-dovish ECB President Mario Draghi, but bank investors stuck in a much dreaded value trap. Hope vanished for a long-awaited expansion in net interest margins for banks in 2019, which is essentially the profits that these banks make and is usually much better if rates are higher.
To be fair bank bosses are trying everything. UBS resorted to verbal kitchen sinking recently, telling investors it had been saddled with the worst start to the year in many years.
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