A similar coverage analysis for Europe is not particularly credible because of thewide intercountry variations in financial structure. One common thread, however,
given the long history of universal banking, is that banks dominate most intermedia�tion functions in many European countries, with the exception of insurance. And
given European bancassurance initiatives, some observers think a broad-gauge bank�ing–insurance convergence is likely. 信托牌照 Except for the penetration of continental Europe
by U.K. and U.S. specialists, many of the relatively narrowly focused firms seem to
have found themselves sooner or later acquired by major banking groups. Exhibit
2.12 may be a reasonable approximation of the continental European financial struc�ture, with substantially less “density” of functional coverage by specific strategic
groups than in the United States and correspondingly greater dominance of major fi�nancial firms that include banking as a core business.
The structural evolution of national and regional financial systems seems to have
an impact on global market-share patterns. With about 28.9% of global gross do�mestic product (GDP), U.S. banking assets and syndicated bank loans are well un�derweight (they are overweight in Europe and Japan), whereas both bond and stock
market capitalizations, capital market new issues, and fiduciary assets under man�agement are overweight (they are underweight in Europe and Japan). One result ithat U.S. financial firms have come to dominate various intermediation roles in thefinancial markets—over half of global asset management mandates, over 77% of lead
manager positions in wholesale lending, two thirds of bookrunning mandates in
global debt and equity new issues, and almost 80% of advisory mandates (by value
of deal) in completed M&A transactions. Indeed, it is estimated that in 2000 U.S.-
based investment banks captured about 70% of the fee-income on European capital
markets and corporate finance transactions (see Smith and Walter, 2000a).
