European banks: US/Canada investor feedback: Positioning now more neutral, with focus on resilience

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European banks: US/Canada investor feedback: Positioning now more neutral, with focus on resilience

Equity Research

European Banks

22 May 2026

European banks

US/Canada investor feedback:

Positioning now more neutral,

European Bankswith focus on resilience

POSITIVE

Investor sentiment toward European banks remains broadly European Banks

Paola Sabbionebalanced, though increasingly selective amid a more

uncertain geopolitical and macro backdrop. Spain remains +39paola.sabbione@barclays.com(0)2 6372 2579

the preferred country and, overall, investment cases are BBI, Milan

either driven by a search for defensiveness or by special Cecilia Romero Reyes

+44 (0)20 7116 7314

situations. cecilia.romeroreyes@barclays.com

Barclays, UK

More balanced views on the sector, defensive or idiosyncratic stories in focus

Following meetings across the US and Canada, discussions suggested that investors are still

constructive but now more neutral on the sector. While investors remain supportive on

valuations, profitability and capital return, they also view the current geopolitical conflict as

potentially more impactful for Europe than the US, driving greater focus on downside

protection, earnings sustainability and asset-quality resilience.

Spain remains preferred within Europe

Investor sentiment on Iberia remains constructive, with several accounts highlighting Spain’s

relatively resilient macro backdrop, supported by stronger GDP growth, lower fiscal and political

risk, better energy mix, healthier banking profitability, resilient employment and still-solid

credit dynamics. Investors continued to favour domestically focused franchises with cleaner

European rate sensitivity, stronger deposit franchises and visible downside protection. Less