Investing.com -- Goldman Sachs (NYSE: GS ) expects to see continued banking consolidation within individual European countries, according to President and Chief Operating Officer John Waldron.

In an interview with Italian newspaper Il Sole 24 Ore, Waldron emphasized that "Banking is an example of an industry where scale matters a lot," adding "we’ll see more national champions."

While Waldron expressed optimism about consolidation within national borders, he was less positive about the prospects for European banking champions emerging from cross-border mergers.

The Goldman Sachs executive also noted that financing needs will continue to grow, and private credit will remain a structural component of this market.

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