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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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Deutsche Bank’s resurrection as a force in capital markets will have to wait a little longer, based on disappointing second quarter figures the bank released on Thursday. Though the bank has rebuilt its capital base and settled many of its legal issues, its investment bank underperformed second quarter numbers from US peers. -
Permanent TSB disclosed a big hit to its capital ratios in its second quarter numbers, related to the European Central Bank’s Targeted Review of International Models, which has been running for the first half of this year. Meanwhile, the ECB published a guide to site visits for model reviews, aiming to give the banks it supervises a clear idea of what to expect when supervisors come calling.
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BAML and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.
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Bank of America Merrill Lynch (BAML) and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.
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Goldman Sachs took flack from the market for its fixed income results on Tuesday, the second quarter running that the once-dominant firm has missed market expectations. Fixed income client execution was down 40% from last year to $1.16bn, following a first quarter when fixed income was up just 1% against a miserable 2016 number.
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Bank of America posted higher earnings than expected for the second quarter, offsetting a 14% drop of revenue from its fixed income trading business.
