Dear reader,The City of London is a jaundiced vantage point from which to survey EU banks. Brexit has shifted the centre of gravity of European finance from the Square Mile to the middle of the English Channel.
(Bloomberg) -- Europe’s largest banks kicked off earnings season with pledges to return more than $12 billion to shareholders, following an interest rate bonanza that’s bolstering lenders from Milan to Stockholm.Most Read from BloombergSony Slashes PlayStation VR2 Headset Output After Pre-Orders DisappointTrump Sues Journalist Bob Woodward for Releasing Interview RecordingsWall Street Is Losing Out to Amateur Buyers in the Housing SlumpBrexit Is Costing the UK £100 Billion a Year in Lost OutputI
Italian bank plans to return €5bn to shareholders as it reports fourth-quarter net profit of €2.46bn