Societe Generale and UniCredit have the most extensive exposure of the European banks we cover.
This latest mis-step reinforces our view that Credit Suisse's problems are not only legacy issues but that there is a deeper institutional problem that needs to be addressed.
It was ahead of the curve in refocusing its business on its core competency.
We don't think the market appreciates the significant derisking that has taken place.
Credit Suisse and UBS offer moaty business models, robust profitability, and good earnings visibility.