European banks are facing a grim 2016.
John Cryan, Deutsche Bank’s co-chief executive officer, said at a London conference that he doesn’t expect the lender to post a profit this year. UBS CEO Sergio Ermotti, at the same event, said “challenging conditions” continued into the first quarter.
“Revenues will remain under pressure in this environment,” said Shailesh Raikundlia, an analyst at Haitong Securities U.K. in London who has a neutral rating on Deutsche Bank and a buy on UBS. “The question is whether the fourth quarter of 2015 was an aberration or is this what we should expect for the whole of 2016.”
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