Commentary

How Europe’s banks can catch Wall Street again

Regulation is holding back Europe's banking sector, which should be driving towards greater union

Thursday 9 February 2023 at 05:01

US banks have rapidly overtaken their EU peers, who need to fight back
US banks have rapidly overtaken their EU peers, who need to fight back Photo: Getty Images

Christian Edelmann is managing partner for Europe at consultancy Oliver Wyman

Ever since the global financial crisis, European banks have been in a state of permafrost. The market value of all listed European banks today amounts to just 55% of those in the US — compared with 170% before the crisis.