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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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Banks may lose out to other market players in competition to buy Commerzbank’s structured investment and ETF businesses, which will be on the market from next year, once they have been carved into a new entity. But investment banks are likely to be in pole position for the German bank’s exotic FICC derivatives book, also up for sale.
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HSBC’s wholesale businesses beat expectations this quarter, with rates and credit driving revenues in global banking and markets up 10% compared with last year.
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Italy’s largest domestic bank, Intesa Sanpaolo, saw non-performing loan inflows slow to the lowest rate ever in the third quarter, though operating margins drooped as the bank paid more to service bad loans. -
Tidjane Thiam seems to have lost his hero status with investors. Credit Suisse’s share price leapt 7.7% on the day in March 2015 when he was named CEO, but most of the times Thiam has presented the bank’s results since taking the helm 16 months ago, the market has shuddered. On Thursday, its shares fell 6% by the afternoon, even though the bank beat expectations and pleased analysts.
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Credit Suisse had a profitable third quarter in Asia Pacific, with modest growth in net revenues year-on-year, despite a large drop in pre-tax income when compared with the second quarter.
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Société Générale beat expectations despite posting a 2.4% year on year decline in third quarter profit, as it offset weakness in its French retail banking unit by becoming the latest bank to benefit from increased revenues from trading fixed income, currencies and commodities.
