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Nicholas Lee, managing director and head of syndicate for Asia equity capital markets at Bank of America Merrill Lynch, has left the firm to join an investor. -
Portuguese regulators could be next in line to allow banks to increase their capital ratios using deferred tax assets, following similar moves in Spain and Italy that have boosted headline Basel III capital ratios at local banks.
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Barclays has been preparing the ground ahead of an expected crunch in FICC revenues in its first quarter results, which it reports on May 6. It has also moved to reassure the market that its strategy for the investment bank is under control, with details of another strategy review due to be announced on May 8, and a reshuffle of the investment bank’s management team.
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Barclays CEO Anthony Jenkins said at the bank’s AGM that its fixed income, currency and commodities (FICC) business “continued to face many of the challenges seen in the second half of 2013 with a significant year-on-year reduction in FICC income, reflecting difficult market conditions and a strong comparative performance for Q1 last year.”
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Goldman Sachs reported its best quarter in investment banking since 2007, with net revenues of $1.78bn, up 13% on the year, while dodging the worst of the FICC downturn which has hit some of its peer group. Goldman reported FICC revenues down 11% on the year to $2.85bn, against declines of 21% at JP Morgan and Credit Suisse, 18% at Citi, and 15% at Bank of America Merrill Lynch.
