Story perspectives

U.S. Banks Lose Ground as Global Firms Shift Focus

8/5/2025

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Summary

Story summary

U.S. trade wars are prompting European and Asian firms to shift from Wall Street banks to regional options, reducing U.S. market share in corporate bonds.
In 2024, 50% of European corporate bond deals excluded U.S. banks, an increase from 45% in 2023; sterling bonds saw a 64% exclusion rate.
European banks like Deutsche Bank and BNP Paribas are expanding their market presence due to stricter regulations and demand for localized services.
U.S. banks' share in Asian trade finance has fallen to 7% for Chinese trade, as companies favor regional banks amid geopolitical tensions.

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Story summary

U.S. trade wars are prompting European and Asian firms to shift from Wall Street banks to regional options, reducing U.S. market share in corporate bonds.
In 2024, 50% of European corporate bond deals excluded U.S. banks, an increase from 45% in 2023; sterling bonds saw a 64% exclusion rate.
European banks like Deutsche Bank and BNP Paribas are expanding their market presence due to stricter regulations and demand for localized services.
U.S. banks' share in Asian trade finance has fallen to 7% for Chinese trade, as companies favor regional banks amid geopolitical tensions.