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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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UniCredit SpA’s full year results disappointed on Wednesday. While at group level it recorded a €2bn profit, disappointing revenues at both group and core bank level, and a shrinking CET1 ratio have sent the bank’s share price tumbling.
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Commerzbank’s fourth quarter profit in its Corporates and Markets division was hit by low client activity in rates but boosted by revenues in the FX business from market volatility and improved revenues in commodities. -
Credit Suisse said in its full year results profits would be hit by 3%, thanks to the appreciation of the Swiss franc and low interest rates. But group profits for the quarter, at Sfr1.18bn, were a huge improvement on the Sfr529m loss made in the same quarter last year, as the investment bank remained profitable, sucking up losses incurred by non-strategic businesses.
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Intesa SanPaolo’s profit in the fourth quarter 2014 came in well below consensus and its corporate and investment banking arm was down 8.7% on the previous year.
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UBS announced its fourth quarter results on Tuesday, reporting growing investment banking profits as a strong advisory and equities business helped to combat a torrid quarter for fixed income. However, it also warned that the increased value of the Swiss franc, along with negative interest rates in Switzerland and the eurozone, would likely damage its profitability in the future.
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BNP Paribas boosted its investment banking revenues in 2014 compared with the previous year, but a fall in year on year revenues in the final quarter of last year took a shine off the figures.
