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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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Nomura announced details of its new strategy at its investor day in Tokyo on Tuesday, confirming its plans to cut its equity business in EMEA, embark on a cost cutting drive in Americas, but shore up its regional presence in Asia outside Japan.
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Signs of progress under new chief executive Jes Staley saw Barclays shares up almost 4% early on Wednesday, but with profits down 25% and return on equity languishing at 3.8% in the first quarter, they were soon trading down. -
The first quarter results of the major US firms show in detail just how painful the early volatility in the year has been, with double digit percentage point declines in multiple business lines.
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JP Morgan may have beaten expectations with a 22% drop in profits at its investment bank, but the severity of the decrease augurs ill for other banks this earnings season.
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Barclays shareholders are used to the share price plunging on results day, but Tuesday's 10% fall by noon was a lot worse than usual. The main shock of the first results since Jes Staley took over as chief executive in December was a 54% cut in the dividend for 2016 and 2017.
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Last year was not kind to Standard Chartered, a bank known for its emerging markets, commodities-focused business model and in the teeth of a brutal restructuring. The bank reported a full year loss of $1.5bn on Tuesday, after swallowing $1.8bn of restructuring charges.
