Goldman Sachs International
May 21, 2026
EU Financials Special Sales: Banks Squeeze, BNP, Generali, ICG, AJ Bell, and UBS
Market ReportEquitiesMacro Economic IndicatorsReal EstateFinancialsReal Estate
This Goldman Sachs market note details a tactical shift in European banking positioning toward wholesale names and reviews strong Q1 beats from Generali and AJ Bell.
Key Takeaways
- 1.Momentum reversal in European banks favoring wholesale institutions (GLE, SAN, BARC) over retail names as positioning comes off significantly.
- 2.Strong Q1 results for Generali (9% beat) and AJ Bell (12% PBT beat) indicate robust performance in insurance and wealth management respectively.
- 3.UBS faces a significantly reduced capital shortfall (estimated at $5bn vs $20bn) if Swiss capital proposals for foreign subsidiaries are eased.
Table of Contents
- GS EU FINANCIALS SPEC SALES
- Q1 RESULTS
- POST RESULTS EARNINGS CHANGES
- WHAT IS CATCHING MY EYES IN GS RESEARCH
- TODAY'S NEWS
- CORPORATE ACCESS EVENTS
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Authors
Gaelle Jarrousse
Securities
GLEUBSG.SGASI.MIAJB
Themes
Wholesale vs. Retail Bank RotationSwiss Regulatory EasingUK Economic Deceleration
Regions
EuropeNorth AmericaUnited KingdomSwitzerlandItaly