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"European banking has become a battle only for the brave," says Alvarez & Marsal, a consulting firm.
Banks will be earning 20% less on their European equity research - about $300 million - by 2019. Greenwich says is due to the fallout from MiFID II.
Opinion: Ross made $682M selling his shares in Bank of Ireland before it was discovered the bank was using accounting tricks to look healthier than it was.
Shares of Germany's biggest bank are at a record low as new concerns over Europe's banking system are breaking out.