Citibank analysts point out in the research report that the initial impact of the US election on the European financial industry is generally limited. However, considering future interest rates and forex trends, the chain effects of new tariffs, and the potential easing of regulations by US peers, the European banking sector will face longer-term impacts. The analysts added, "Banks that may benefit from a Republican sweep include UBS, Swiss Baosheng, BNP Paribas, and Societe Generale, while the impact on other banks may be more complex. In our view, it may have a negative impact on foreign banks in Spain, Germany, and Sweden."