Play The Godfather theme song because Mizuho Bank CEO Tatsufumi Sakai believes in America.
At a time when more foreign banks seem to be going rather than coming, the Japanese mega-lender announced Monday it’s buying New York-based Greenhill & Co.
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Historically, foreign banks haven’t had the best success in America. In roughly the past two years, France’s BNP Paribas, Spain’s BBVA, and the UK’s HSBC have all sold much of their US operations.
“European banks have underperformed, having attracted second-tier staff, second-rate clients, and what a former bank boss calls a ‘serious negative selection issue’ on strategy,” Financial Times editor Patrick Jenkins wrote in an opinion piece.