Ukraine Hangover Makes European Banks Look Rougher than They Are

European investment banks don’t tend to fare well when compared with their more profitable U.S. peers. But the war in Ukraine makes some comparisons unfair.

Investors have been disappointed with the third-quarter results published by top European banks so far, with the stocks collectively down more than 3% this week. This is despite the fact that most of the companies have actually beaten analysts’ profit forecasts by a decent margin.