Europe’s banks may be on the point of a turnaround as economic growth returns to the continent and the European Central Bank prepares to review the industry’s assets, Citigroup Inc. and Morgan Stanley said.
France’s economy poses the most serious threat to Europe’s recovery from a debt crisis that has crippled growth and driven unemployment to record highs, according to a survey of bankers and their regulators in Frankfurt.
Banca Monte dei Paschi di Siena, the Italian bank seeking to persuade European regulators it deserves a bailout, is the worst performer in Europe’s benchmark banking index after reporting a bigger-than-estimated quarterly loss.
Banca Monte dei Paschi di Siena, the Italian bank seeking to persuade European regulators it deserves a bailout, reported a fifth straight loss in the second quarter on the cost of state aid and higher provisions for bad loans.
Two years ago, Seahawk Drilling Inc. was plotting to expand its fleet of rigs worldwide. Now the Houston-based company may sell itself after BP Plc’s well explosion in the Gulf of Mexico thrust the industry into regulatory limbo.