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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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BNP Paribas posted strong results in fixed income for the third quarter of 2014, boosting its revenues in the division to €911m — a 14.2% increase on the same period last year. Its fixed income growth was one of the main factors in the bank’s corporate and investment banking division posting pre-tax income of €675m — up 23.8% compared to a year ago.
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A weak performance from Royal Bank of Scotland’s repositioned investment bank, made worse by £400m of provisions set aside for an FX probe, has tarnished the state-owned lender’s third consecutive quarterly profit under new chief executive Ross McEwan. -
Barclays’ drive back to health is on track – but its investment bank is a shrinking part of the story. That was the message of the bank’s third quarter results this morning, which produced a 1.5% pop in the share price at the open, soon eradicated as Barclays fell in line with the wider market.
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The dust is still settling from the results of the Asset Quality Review and bank stress tests, but it seems clear that the catharsis European officials hoped for has not materialised. The AQR, in particular, was worthwhile and bank balance sheets are more transparent. But it doesn’t follow that Europe’s banks will now embark on a lending spree. Lack of demand remains the underlying problem, which could present a challenge for Monte dei Paschi di Siena. Meanwhile, deflation looms — a scenario, incidentally, that the stress tests didn’t consider.
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Deutsche Bank said profits in its investment bank were up 4%. But the rise was modest, thanks to a €250m increase in expenses, which it said was down to higher regulatory spending and legal fees. This includes fixed salary increases to meet the European Union’s bonus cap, which limits bonuses to twice fixed pay.
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Provisioning for litigation costs has pushed UBS's third quarter results into a pre-tax loss, the bank said on Tuesday. Even strong performances in investment banking and wealth management were unable to offset the damage done by the extra legal provisioning.
