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Europe’s banks and asset managers, with the support of the region’s politicians and regulators, must seize an opportunity to close the ‘competitiveness gap’ with their peers in the US and the rest of the world, a report commissioned by Luxembourg for Finance and published on January 11 by OMFIF urges.
The report is a data study of financial competitiveness, assessing indicators such as size, diversification, profitability, pricing power and valuation.
It reveals in stark terms the decline of European financial services firms on a global scale since the financial crisis of 2008. Fifteen years ago, the total market capitalisation of Europe’s banks was close to double that of US banks. Today, total US market cap is twice that of Europe’s. In asset...
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