Are There Too Many Unprofitable Banks in Europe?
Mario Draghi said the financial industry must stop blaming the actions of central banks for their problems and focus on fixing internal management and risk failings. “Many banks have problems that don’t have primarily to do with the low level of interest rates but possibly with other reasons,” the European Central Bank president said after a meeting with German lawmakers in Berlin on Wednesday. He cited business models and risk management and said this was “generally acknowledged” by those at the talks. JPMorgan Asset Management Head of European Equity Strategy Stephen MacKlow-Smith discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown." (Source: Bloomberg)