European banks are set to face credit losses of as much as 800 billion euros in the next three years in a worst-case scenario, according to an Oliver Wyman report.
"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.
In a base case, banks can expect credit losses of around 400 billion euros , about 2.5 times the level seen in the previous three years — a period of relatively lower losses.
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