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Credit Agricole shares rose 5% to €11.67 on Wednesday, approaching last month’s three year high, as the bank reported an 85% rise in first quarter profit from the same period last year. The results benefited from a 20% cut in provision for bad loans, with the group’s Italian consumer finance subsidiary Agos Ducato improving its cost of risk by 30%.
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Natixis reported Q1 2014 wholesale banking revenue flat year-on-year at €727m, broadly in line with analyst estimates.
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Sberbank CIB has hired Igor Ushakov and Vadim Marchuk as M&A investment banking directors. They report to the co-heads of investment banking and managing directors, Mickael Gibault and Pavel Sokolov.
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The CEO of Japan’s largest bank joined Nomura in 1981 as a retail salesperson, and worked his way up to become a manager, overseeing three branches of the bank at different periods. Koji Nagai then moved to investment banking, where he was eventually promoted to run the division, before becoming president of Nomura Securities in April 2012 and group CEO in August of the same year. He tells Asiamoney how Nomura can benefit from Asia’s growing economies. -
Ros Stephenson, chairman of the investment banking division at Barclays, has left the firm to join UBS, the second senior investment banker to leave the firm in the past week following Skip McGee’s departure last week.
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RBS delighted the market with its first quarter results, which showed a return to profit and sent shares up to a peak of 13% above Thursday’s close. Rates in particular flew, up 61% on the year, but analysts questioned how sustainable this performance can be.
