No End in Sight for European Banks' Cost Cuts as Revenue Slumps
- UBS, Commerzbank face low interest rates, risk-averse clients
- European banks' post lower revenue at 17 of 19 operating units
The Challenges Facing Europe's Banks
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Record-low interest rates and wild market swings are eroding profit at Europe’s banks, with no end in sight.
From UBS Group AG’s wealth-management unit to Commerzbank AG’s consumer-lending business, income is shrinking as margins get squeezed and clients avoid trading. Executives at the banks, two of Europe’s largest, warned not to expect an improvement soon.