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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's investment banking results are dominated by loan losses, with financing revenues from Italy swelling 62% but entirely wiped out by provisions taken in the region. Separately, Jean Pierre Mustier, the head of the unit, announced his departure on Tuesday. -
Crédit Agricole took a €708m hit from its exposure to Banco Espírito Santo (BES) as its second quarter profit halved from the same period last year. Despite this, the French bank’s first half earnings compared more favourably year-on-year, aided by its improved first quarter and what it called “good business momentum”.
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HSBC reported a year on year surge in its investment bank balance sheet this week, with loans and advances growing 20% to $303bn and risk weighted assets swelling 25% to $537bn. At group level, lending grew 12% to $1.047tr and risk weighted assets grew 13% to $1.248tr — increases entirely accounted for by the investment bank's growth, offset by balance sheet shrinkage in other areas, notably retail banking and wealth management.
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Société Générale’s strength in structured products and equity derivatives allowed it to record flat revenues for equities markets, against a backdrop of low volatility and lower volumes which has seen most other investment banks report drops of more than 10% in their equity markets divisions.
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Natixis posted solid results on Thursday as it reported a 26% increase in net income, and confirmed the close of its ‘bad bank’ GAPC at the end of June.
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BNP Paribas was in the spotlight on Thursday as it posted the largest loss in its history, but underneath the red numbers — caused by a huge fine for violating US sanctions — was a very strong performance.
