Triple whammy
Low interest rates, market turmoil and restructuring: it’s too much
IF YOU think America’s banks are having a rough year, take a look at Europe (see chart). American lenders’ share prices, having rallied from their trough in mid-February, are 6% lower than at the start of 2016; European ones are over 20% down. So miserable has the first quarter been that investors have applauded figures that beat dire expectations. On May 10th Credit Suisse, a Swiss giant, reported a second successive quarterly loss—and was rewarded with a 5% bounce in its shares.
This article appeared in the Finance & economics section of the print edition under the headline "Triple whammy"
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