European banks face bleak 2016 say top CEO's

Deutsche Bank - Foyer Bridge

European banks are facing a grim 2016.

Bloomberg News reports that was the message from the top executives of Deutsche Bank and UBS on Wednesday, sending the shares of both banks to their biggest declines since last month’s market rout.

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.”

To access the complete Bloomberg News article hit the link below:

European Banks Slump as Cryan, Ermotti Signal Tough Year Ahead

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