European banks such as Deutsche Bank and Credit Agricole might need to raise more capital as regulators focus on leverage as a risk measurement. Credit Agricole could be forced to reduce its balance sheet by 14%, according to a study by Royal Bank of Scotland. "I have a neutral stance on banks worldwide at this point for several reasons, but I am more underweight the eurozone banks because they have a chronic problem of being undercapitalised, even if there are some exceptions," said Jacques-Pascal Porta, a portfolio manager for the OFI Optima International fund.

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