Tariffs make customers uneasy, Wall Street banks are losing ground in Europe.

As US President Donald Trump's rhetoric towards European trade partners becomes increasingly fierce, companies across Europe are paying close attention. Data collected by Bloomberg shows that some companies have started to diversify their banking relationships, no longer relying solely on Wall Street giants. This is good news for major European banks, as they have been actively seeking this additional business. "Some companies believe that in terms of financing or M&A consulting, it is best to choose European or French investment banks," said Arnaud Petit, Managing Director of Corporate Finance at Edmond de Rothschild Bank. Deutsche Bank CEO Christian Sewing has also noticed a similar trend in proposal requests from potential clients: "This kind of situation is happening every day in terms of client acquisition, proposal requests, and new business." Data shows that in Eurobond trades issued by non-US companies this year, about half did not involve any of the top five US banks. This ratio has increased by 5 percentage points compared to last year. In the case of Pound Sterling bonds, the gap has widened further last year, transactions excluding Wall Street banks accounted for only 47% of total trades. This year, that percentage has risen to 64%. UBS Group CEO Sergio Ermotti stated that the ability of a few European banks to provide competitive services and advice to clients is increasingly evident, leading clients to consider switching their cooperation to these banks. "We believe that we are fully capable of continuing to benefit from this trend of business diversification."