Germany's Deutsche Bank has a stark warning to European companies borrowing from U.S. lenders: They will drop you when times get tough.
The logo of Deutsche Bank is pictured on a company's office in London, Britain July 8, 2019. REUTERS/Simon Dawson/File Photohas a stark warning to European companies borrowing from U.S. lenders: They will drop you when times get tough.
"A number of European corporates are already realising the risks of not operating with companies that are long-term committed to the geographies ... in which they operate," he said, without citing any examples. Last year, five of the largest U.S. banks - JPMorgan, Bank of America, Morgan Stanley, Goldman Sachs and Citigroup - captured a combined 35% share of the revenue for loans by German companies, up from 18% a decade earlier, data from Dealogic compiled for Reuters show.of European reliance on foreign banks, equating the threat to the region's dependence on outsiders for energy.
Having long struggled to deliver on that pledge, the tide, buoyed by rising interest rates, is turning. Higher borrowing costs are fattening profits from regular banking, although war, runaway prices and energy costs cloud the horizon. Stefan Behr, head of JPMorgan's operations in Europe, told Reuters he hasn't seen any pushback on its growth in Germany and noted that "many of the German banks work with us on deals as well as us being a banking partner to them."
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