Tariffs push European customers to diversify banking relations, Bloomberg says

As U.S. President Donald Trump has increased his rhetoric against trading partners in Europe, many companies have begun to diversify their banking relations away from Wall Street banks, Arno Scheutze and Ronan Martin of Bloomberg reports, citing data compiled by the journal. This move has become a boon for Europe’s leading banks. This year, nearly half of euro bond deals from non-US companies did not involve the five largest U.S. banks. This effect is also being seen in Asian countries as well. Publicly traded companies in the U.S banking space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).