MADRID — Cleaning up Europe’s banks is proving to be a boon to accountants and consultants.BlackRock, PwC and KPMG are some of the firms hired by regulators and banks for the European Central Bank’s (ECB’s) review of €3.7-trillion of assets at 128 of the region’s largest lenders. Advisers stand to reap about €400m, based on publicly disclosed costs in Spain, Austria and the Netherlands."It’s an economic stimulus package for auditors," Munich-based mortgage lender Muenchener Hypothekenbank CEO Louis Hagen said. His firm, which has €35bn of assets, is one of 24 German banks under review.The ECB is trying to prevent the kind of bank bailouts that happened after Lehman Brothers Holdings’ 2008 collapse.Industry groups are not happy: The European Banking Federation complained in a letter to the ECB last month about "extremely detailed questionnaires", unrealistic deadlines, and unnecessary requests, according to a copy of the letter.Regulators are examining an estimated 1,250 credit files...
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