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Banking on a come-back!
February 2021
European Banks have been the market’s worst performing sector over the last decade and more. The original source of this extended period of dire performance is, of course, well enough known. Following the bursting of the American property bubble in 2007, write-downs on American mortgage-backed securities, coupled with an increase in non-performing loans, drove many leading banks into bankruptcy. Even the stronger banks had to raise fresh capital. The scale was colossal: the US Treasury estimated that Americans lost $7tr in home values over the crisis.
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