North America

Morgan Stanley posted fee growth in underwriting and advisory in its third quarter results on Thursday, leaving Goldman Sachs the outlier among the five big US banks in seeing revenues fall in investment banking.

A year on from being appointed chief executive, David Solomon is calling for patience in remodelling Goldman Sachs around new growth avenues. But there is much to admire on his first anniversary, writes David Rothnie.

Foreign banks are eager to gain full control of their Chinese securities joint ventures, after the regulator said it was abolishing a cap on foreign ownership. But fierce competition and difficult onshore regulations mean it is a long, rocky road ahead. Rebecca Feng reports.

A sharp rise in advisory and debt underwriting revenues drove Bank of America’s investment banking in the third quarter, its results showed on Wednesday.

Citigroup launched a senior unsecured bond in the sterling market on Wednesday, just as the UK government appeared to be making some progress over its Brexit deal with the EU.

Chinese online education platform Youdao has launched bookbuilding for its New York Stock Exchange listing, eyeing up to $100.8m from the deal.

JP Morgan, Citi and Goldman Sachs kicked off the third quarter results season for investment banks on Tuesday. While debt and equity underwriting revenues grew substantially at JP Morgan compared with the equivalent quarter of last year, they fell at Goldman.

In this round-up, China and the United States emerged out of a two-day trade talk with a “phase one” deal, China’s securities regulator set dates for further opening up of onshore financial markets and the Monetary Authority of Macau plans to launch a Nasdaq-like stock exchange for the offshore renminbi market.

The six biggest US investment banks alongside three European firms have created DirectBooks to assist primary market bond sales. It aims to start in the US investment grade corporate market before branching out to other fixed income products.

In this round-up, Mainland Chinese partners cut ties with the National Basketball Association (NBA) after disagreements surrounding the Hong Kong protests, China’s foreign currency reserves fell in September and UBS has received the green light to trade global depositary receipts through the Shanghai-London Stock Connect.

In this round-up, vice premier Liu He started a two-day negotiation in Washington DC, the Chinese Ministry of Finance transferred 10% of its stake in Bank of Communications into a state-run fund and the National People’s Congress released draft rules to regulate state employees’ public discourse.

Latin American debt capital markets bankers say that the continued absence of Mexican retail and beverages conglomerate Femsa in primary markets could indicate lower risk appetite among investors as the year comes to a close.