Consolidation “will happen, but it will take some time,” Thiam said this year. “We still have a job to do to convince the public that larger banks can be safe and not endanger the whole economy.”

Barclays Plc’s U.S.-born CEO Jes Staley said he expects little movement across the European banking landscape, with firms focused on fixing their tech instead of mergers.

”We happen to be in a very benign period with relatively global stability and relatively strong economic growth around the world,“ said James Gorman, CEO of Morgan Stanley. “Obviously Europe is slower than the U.S.”

This article was provided by Bloomberg News.

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