European banks face an even tougher task to close an earnings gap on U.S. rivals, as Wall Street awaits a new era of financial deregulation.
European banks face an even tougher task to close an earnings gap on U.S. rivals, as Wall Street awaits a new era of financial deregulation under a second Donald Trump presidency.But Trump's win turned the tables. JPMorgan, Goldman Sachs and Morgan Stanley shares all soared while the STOXX Europe 600 Banks index is down more than 1% for the week.European banks face an even tougher task to close an earnings gap on U.S.
Since early 2010, European banking shares have fallen 10%, while U.S. lenders have more than tripled. "It was said beforehand that a wave of deregulation was coming in the USA," she told Reuters, adding that both agreed it was important to strike a balance between competitiveness and stability. Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, thinks Trump may also roll back parts of the 2010 Dodd-Frank financial reform law, which increased regulation on banks to avoid another 2008-style implosion.
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