According to a report by Jefferies Group, French banks have income-driven profit momentum and are protected in a low-interest-rate environment. Previously, French bank stocks plummeted due to the unexpected decision by French President Macron to hold parliamentary votes ahead of schedule. Jefferies Group analyst Joseph Dickerson said that the recent pullback provides an opportunity to enter the market, considering that the politically-driven sell-off seems excessive. In the unlikely event that the far-right party, National Rally, obtains a majority in parliament, the main risks faced by banks include: bank tax prospects, delays in the European Banking Union supported by Macron, and the consequences of mergers and acquisitions.