BBVA sees 7% drop in IB pre-tax profits
The investment banking business at BBVA appears more resilient than its larger rival Santander, half year results show. Pre-tax profits in BBVA’s wholesale banking and asset management division dropped 7% in the first six months of 2011, from €1.075bn to €1bn.
Santander on Wednesday reported a 17% fall to 1.621bn in global wholesale banking pre-tax profits. Adding asset management and insurance which Santander, unlike BBVA, classifies separately from its investment banking activities Santanders numbers still fell 15% to 2.029bn.
BBVA said that investment in systems and plans for
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