Few superbanks still have global reach after financial crisis, says JP Morgan executive
Disastrous event forced many to cut back, leaving just a handful that flourished
Only a handful of banks have emerged as the “end-game winners” in the super banking leagues in the aftermath of the global financial crisis. This was the view of Sjoerd Leenart, global head of corporate banking and regional head of central and eastern Europe, the Middle East and Africa of JP Morgan, who was speaking exclusively to Business Day last week on a trip to the country. Leenart was responding to questions on the strength of JP Morgan’s franchise following the 10-year anniversary of the global financial crisis, which is widely regarded as having begun when Lehman Brothers filed for bankruptcy on September 15, 2008. “In the last seven to10 years banking has changed dramatically. Before the global financial crisis, everyone was trying to expand. But the global financial crisis forced many of them to cut back and this has left just a handful of us that can service global clients,” says Leenart. The strength of the bank’s franchise has increased in part because it avoided many o...
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