Citigroup Sees Europe Lenders Lagging U.S. Amid Jain Concern

Citigroup Inc.’s European chief, Jim Cowles, said so-called U.S. universal banks like his own are gaining market share in investment banking because they can absorb the rising cost of regulation better than European peers.

The third-largest U.S. bank is planning to hire “several” senior investment bankers in Europe, Cowles said in an interview in London. U.S.-based universal banks, which combine investment, consumer and retail banking, took “harder” decisions than European lenders when they recapitalized after the financial crisis more than four years ago, he said.