Too many banks.
The Financial Times reports that Deutsche Bank’s chief executive has made the case for more consolidation among European banks, arguing it would be beneficial for Europe if there were “a handful of institutions” powerful enough to compete on a global stage with larger US and Chinese rivals.
“I would never rule it out”, John Cryan said on a panel discussion at the Frankfurt European Banking Congress with regard to consolidation among European banks.
“There are too many institutions in Europe, especially in this country. China and the United States have very large banks which have the heft to invest globally and which can withstand relatively long eras of low returns.”
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