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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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Citigroup disclosed on Thursday that it missed earnings expectations as trading revenues in its institutional clients group declined and repositioning charges along with another round of regulatory actions hit the global bank’s profits. Market share gains among institutional clients, along with low oil prices, could turn things around in 2015.
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The Swiss National Bank’s decision to abandon its euro peg on Thursday is likely to cripple earnings at Switzerland’s two international investment banks. But it could deliver an unexpected capital boost as well, changing the game as the two institutions race to meet onerous capital rules imposed in the “Swiss finish”.
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America’s biggest bank had a rough fourth quarter in 2014 and continues to face regulatory uncertainty over its size, but JP Morgan’s chief executive Jamie Dimon says the bank will continue to grow as part of its strategy to deliver shareholder value, unless regulators force it to do otherwise.
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Wells Fargo finished 2014 slightly up on 2013 with a pre-tax pre-provision profit of $35.3bn, up 1% for the full year. But its wholesale banking unit, which includes its capital markets arm, reported net income of $1.97bn, down $141m, or 7% compared to the fourth quarter of 2013.
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Jefferies, which reports a month before the major US houses, had a shocking quarter in September, October and November, suggesting dismal numbers in the post for the rest of the industry.
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There has been a mixture of stability and surprises in Asiamoney’s largest ever Fixed Income Poll, as an enterprising Australian bank makes its mark in the region. Anthony Chan reports.
