It has been 10 years since the global financial crisis, and the fall-out continues in the industry that was at its epicenter: banking. There has been a truly dramatic retrenchment from foreign markets, making banking a rare case of an industry becoming less, rather than more, global.
As European Banks Retreat from the World Stage, China Is Stepping Up
Since the financial crisis, finance has become less global.
September 25, 2017
Summary.
It has been 10 years since the global financial crisis, and the fall-out continues in the industry that was at its epicentre: banking. There has been a truly dramatic retrenchment from foreign markets, making banking a rare case of an industry becoming less, rather than more, global. But as European banks retreat, China is leading something of a changing of the guard in global finance. And it is not alone. While many large banks headquartered in advanced economies are firmly on the back foot, those of emerging economies are venturing further afield. Like China’s largest banks, some in Russia, Brazil, and India are also expanding beyond their national borders.