European banking has become decidedly more local during the Covid-19 crisis. One consequence is that the dream of cross-border mergers seems more far-fetched than ever. Locally run banks have proved very useful to leaders in Paris, Berlin and other European capitals during the economic shutdowns aimed at arresting the spread of the new coronavirus. Recent first-quarter results showcased the role national lenders are playing in supporting their home economies.

Source: Wall Street Journal May 08, 2020 09:45 UTC