Europe's banks could take a $947 billion hit in a post-pandemic worst-case scenario, consultancy Oliver Wyman says

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• European banks are set to face credit losses of as much as 800 billion euros ($947 billion) in the next three years in a worst-case scenario, according to an Oliver Wyman report.
• In case the region is not hit by a second COVID-19 wave, a sharp rise in unsecured loan losses might still cost banks in Europe about 400 billion euros ($473 billion), the report said.
• "The pandemic is unlikely to cripple the European banking sector, however many banks will be pushed into a 'limbo state', with very weak returns," said Oliver Wyman's co-head of EMEA financial services.
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The effects of COVID-19 are yet to fully unravel for the European banking landscape.

The pandemic's impact is here to stay and will have far-reaching repercussions for European banks, according to a recent report by consultancy firm Oliver Wyman. 

See the rest of the story at Business Insider

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