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The Swiss bank posted the biggest quarterly profit on record thanks to an accounting gain related to its acquisition of Credit Suisse, but weak performance at its former rival hints at a long road back to growth
Imminent half year results will reveal whether the new Swiss bank is a hastily patched monster or a new financial powerhouse
Banks are determined to stick to their growth plans as they see cause for optimism in investment banking thanks to increasing confidence and a growing pipeline of deals
Wall Street is urging the Fed to be cautious despite the regulator hinting higher capital requirements are coming
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Analysts have praised UniCredit for taking a conservative approach to dealing with the coronavirus pandemic, after the Italian bank said on Wednesday that it would be making higher loan losses provisions in the first quarter than had been expected by the market. -
US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.
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US banks ramped up reserves for credit losses, expanded credit lines and enjoyed bumper trading and debt underwriting volumes in the first quarter, according to results released on Tuesday and Wednesday.
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JP Morgan has taken an $820m writedown on its book of bridge loans, nearly halving its investment banking revenues for the first quarter. However, the bank is not hurrying to exit these positions. Chief executive Jamie Dimon said “a couple” of its bridges could be syndicated this quarter if conditions are supportive.
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European banks are struggling to decide how to strike the right tone when reporting their first quarter results this year amid the extreme uncertainty surrounding the coronavirus pandemic. Despite guidance from regulators, their biggest difficulty will be in signalling their expectations for loan losses.
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Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout.
