Tighter cost control, coupled with booming revenues, will help large European banks beat their 2021 targets, but Fitch is warning that major lenders may face a tougher test next year.

Buoyant capital markets gave corporate and investment banking, as well as asset and wealth management arms, a boost during 2021, according to a new report from Fitch Ratings, with lenders cashing in thanks to “diverse business models and strong franchises”.