Few European banks have cut costs and modernised their computer systems. That is why they are so unprofitable
also asks banks to estimate theirs. Last December two-thirds put their benchmarks at 8-10% and another one-sixth said 10-12%. Only 55% said that they were earning more than theirThat 6.5% is also well below the returns enjoyed by investors on the other side of the Atlantic. Among America’s biggest banks, only Citigroup reported anBancorp, the seventh-biggest by assets, weighed in with 15.4%.
Banks complain that policymakers have since made their lives hard. In the euro area net interest income, which makes up the bulk of banks’ revenues, has been ground down by slow growth and years of ultra-low, even negative, interest rates—banks must pay the European Central Bank 0.4% a year to deposit money.
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