Figure 2
The dendrogram shows hierarchical clustering with a vertical axis on the left ranging from 0.0 to 0.8 in increments of 0.2. The horizontal axis lists bank labels from left to right: “I F I S”, “Fineco”, “Mediobanca”, “B P M”, “Mediolanum”, “illimity”, “UniCredit”, “Sondrio”, “MPS”, “Desio”, “Generali”, “Intesa”, “B P E R”, and “Credem”. The tree branches merge upward from each label, with “B P M” and “Mediolanum” clustering first at around 0.3 and joining “Mediobanca” near about 0.4. “Fineco” joins this group near about 0.55. “illimity” and “UniCredit” merge near about 0.5 and then join the group with “Fineco” near about 0.55. From the far left, “I F I S” joins this group near about 0.65, forming the main left branch. To the right, “Generali” and “Intesa” cluster first at around 0.35, joining “Desio” near about 0.45. “M P S” joins this group near about 0.5. “B P E R” and “Credem” merge near about 0.55 and then join the group with “M P S” near about 0.7. From the center left, “Sondrio” joins this group near about 0.75, forming the main right branch. Both the left and the right main branches merge at the top near 0.88. Note: All the numerical data values are approximated.The dendrogram