Much of the European banking system seems mired in trouble and there are signs that emerging markets like Brazil are starting to show cracks as well. That is troubling news for Banco Santander (NYSE:STD), as this global bank has been counting on strong results in emerging markets like Brazil and Mexico to prop up and offset its troubled operations in Europe and the U.K.
Nothing Changing Very Fast
Recent results from Santander were largely in line with expectations and recent trends. Operating expenses are tracking higher and there is some loan growth, but provisioning and credit losses in Europe remain a major problem. Worse still, the banking issues have spilled over into the broader economies, and it seems to be slowing business prospects overall.
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