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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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Credit Suisse beat analysts’ expectations and posted a net profit in the first quarter of 2017, while the bank finally ended uncertainty about its capital position, and the possible IPO of its Swiss unit, by announcing plans for a Sfr4bn rights issue. -
Santander’s Brazilian operations were behind a 14% increase in the group’s attributable profit for the first quarter, with the UK arm also rebounding from a weaker 2016.
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Strong volumes at the start of the year and an easy comparison quarter have meant the US banks have posted stonking sets of investment banking numbers in their first quarter reporting. Goldman’s trading numbers may have disappointed, but broader business is booming on Wall Street.
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Goldman Sachs, for once, is not the darling of the Street, as first quarter numbers from the US major banks show the firm struggling to keep up with its peers, despite a benign backdrop for credit trading, the major strength of its fixed income division.
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Morgan Stanley reported a strong set of first quarter numbers, recording net revenues of $9.7bn, up from $7.7bn in the first quarter of last year.
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Bank of America on Tuesday joined the other large US banks in announcing strong first quarter results, booking profits for the period of near $4.9bn, some 40% more than in the first quarter of last year.
