Who can destroy value the fastest?

Are European bankers creating or destroying value for shareholders? The chart below shows percentage gains, including dividends, for some of the largest money center banks in Europe since the summer of Lehman eight years ago. Many of these stocks are revisiting levels not seen since the crisis. Whose fault is it, the macro or the micro?

euro banks

If we’re keeping score, Deutsche Bank is winning the race to zero btw. Barclays and Credit Suisse are no slouches either.

Yesterday we took a look at European bank stocks versus the yield on the German 10-year, to give you a sense of the why. Now tell me again how ZIRP, NIRP, helicopter money, QE, etc “bolsters confidence” in the economy…

I’m all ears.

 

 

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  1. This is a low-flying panic attack commented on Jun 15

    […] I’m not a Fed critic, but this is just getting pathetic now. You think you’re protecting the economy with NIRP and ZIRP but at a certain point, you’re really just threatening it. If you’re trying to produce confidence, then jeopardizing the ability to earn profits among the largest banks in the world is probably not the way to do it. And that’s exactly what these policies are doing, globally. Look at the European banks right now! […]

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