Why foreign banks find the US a tough market to crack
The US has long proved irresistible to foreign banks. Credit Suisse chose New York for its first foreign representative office in 1870. Deutsche Bank arrived two years later, financing a railroad expansion from Wisconsin to the state of Washington. Scores have followed since.
Yet foreign banks have also long struggled to thrive in the US. Inconveniently for them, American banks also scent opportunity in the world’s richest country.
The grind has never looked tougher than in the years since the 2008 financial crisis. From Wall Street to Main Street, foreign banks have found it hard to make headway against their US rivals.
This story originally appeared on: Financial Times - Author:Joshua Franklin
