European Banks Face $34 Billion Coronavirus Hit, Goldman Says
- Revised estimate through 2023 is equivalent to 7% profit cut
- Banks rebound on Tuesday after drop amid virus, oil concerns
Goldman Sachs favors lenders such as BNP Paribas SA, ING Groep NV, Banco Santander SA and HSBC Holdings Plc.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
We’re tracking the latest on the coronavirus outbreak and the global response. Sign up here for our daily newsletter on what you need to know.
European banks will see about 30 billion euros ($34 billion) erased from their net income over the next three years as a result of the fallout from the coronavirus, analysts at Goldman Sachs Group Inc. estimated.