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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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Société Générale was keen to highlight improvements in cost and risk control when reporting its earnings for the second quarter on Wednesday, but growing litigation costs and falling trading revenues cast a shadow over the group’s results announcement. -
BNP Paribas blamed a comparably favourable second quarter of 2016 for a dip in its fixed income, currencies and commodities (FICC) revenues over the last three months, making a slight dent in its overall global markets business — despite a hefty leap in equity and prime services.
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HSBC has started to record a separate line in its financial reporting for "costs associated with the UK’s exit from the EU". The bank booked just $4m of costs this quarter for Brexit, but said costs could rise to $200m-$300m.
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HSBC posted a decline in revenue and profit from its global banking and markets (GB&M) division in Asia during the quarter to June, even as the region turned in better numbers overall.
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Second quarter results at UBS surpassed the expectations of most analysts, although results were sluggish at the investment bank, where profits fell from last year’s figures despite a big jump in revenue on the equity capital markets desk.
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Credit Suisse’s revenues from Asia Pacific slipped in the second quarter, dragged down by the markets business. But strong year-on-year growth from its wealth management & connected (WM&C) and private banking businesses offset most of the slide.
