Deutsche Bank AG Chief Executive Officer Christian Sewing was talking his own book in 2022 when he warned that Europe needs strong banks to counteract US and Chinese competitors: “Losing financial sovereignty for Europe would be just as bad as the energy dependence that is causing us so much pain.” But his words resonate loudly today as Donald Trump displays his antagonism toward the transatlantic ties that have helped the US dominate global finance.
Last week, Swiss lawmakers debated stripping State Street Corp. of its role as custodian of $52 billion of pension assets amid fears Trump could order the firm to withhold payments as a bargaining chip to pressure Switzerland. The motion was defeated by 98 votes to 89 after the intervention of the Swiss government, which advised that terminating the contract inside its five-year term could have negative repercussions for the Swiss…
