ahem...valuation / assets: JP Morgan: 9% Goldman Sachs: 7.1% BoA: 6.5% Santander: 3.5% Societe Generale: 3% BNP Paribas: 2.5% Unicredit: 1.5%

ahem...valuation / assets: JP Morgan: 9% Goldman Sachs: 7.1% BoA: 6.5% Santander: 3.5% Societe Generale: 3% BNP Paribas: 2.5% Unicredit: 1.5% Deutsche Bank: 1.0% Two lessons: US banks are much better capitalised in the eyes of the market, and it is Deutsche Bank, not any Italian bank, which appears to be the biggest risk to European (and global) banking systems. It has a balance sheet of 1.6 trillion, supported by a market equity valuation of only 16 billion. Deutsche also has a reported 55 trillion notional of derivatives exposure. Sources: Yahoo finance for assets as of 2015, Bloomberg terminal for latest valuation.