Euro deleveraging on hold: JP Morgan
Europe’s banks are not deleveraging on the scale that was anticipated at the start of the year, according to research from JP Morgan. Balance sheets of banks in the eurozone hit €35tr in May, an increase of €1.4tr over six months — and an all time high, analysts at JP Morgan said on Friday.
The data comes in stark contrast to received wisdom that European banks are deleveraging, running down lending books and generally shrinking their businesses.
A number of banks are undoubtedly doing this, though. Lloyds Banking Group, for example, is in the market with a jumbo cash tender offer on
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