Berenberg on European Banks
Berenberg presented an interesting 145 pager on Capital of European Banks.
It should be downloadable from the FT site, click here.
Super interesting question ! Also depends on how buybacks are funded! Acharya/Plantin show that lose monetary policy makes financial activities such as buybacks more attractive than investments even if they have positive npv; we have consistent evidence from ECB’s CSPP program https://t.co/5A4edXpAfI