Europe has put a stop to Wall Street investment banks’ involvement in major European sovereign debt deals, according to The Guardian.
Banks like Goldman Sachs and JP Morgan have been shut out of the top 10 list of sovereign debt deal makers leaving only Morgan Stanley the chance to creep in at number 10, according to The Guardian’s Dealogic data.
The Guardian perceives this to be a considered backlash against the much maligned ways of the Wall Street bank.
The Vice Chair of the European Parliament’s committee on economics went so far as to say, “Governments do not have the confidence that the excessive risk-taking culture of the big Wall Street banks has changed and they still cannot be trusted to put the stability of the financial system before profit.”
This comes just days after the Greek government banned hedge funds from buying their new debt.