It has been another tumultuous year for the world’s biggest private banks.
Early optimism that the global economy would rebound in 2011, shaking off the horrors of the financial crisis after two painful years, was quickly snuffed out as the rot contained in the financial system spread to debt-laden governments around southern Europe.
The crisis has since engulfed Greece, Portugal and Italy, claiming the scalps of political leaders and demanding unprecedented bail-out packages – and spooking investors all over again.
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