Invesco Perpetual income guru Neil Woodford says there is still some ways to go before Europe catches up in addressing the banking crisis.
Speaking at the Fund Strategy Investment Summit, Woodford says the US was “more than half way” in its attempt to rebuild banks, ahead of the UK.
However, Woodford says both are further through than Europe in strengthening bank balance sheets.
The manager of the Invesco income and high income funds says: “Europe is just recognising that it has a crisis and [is] just beginning to recognise that lots of balance sheets need further to go [in terms of strengthening].” (article continues below)
Woodford says while banks remain “broken”, stimulus such as quantitative easing will fail to make an impact.