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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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Barclays has had a shocking quarter for rates revenues, with macro (rates and FX) down 27% to £504m. While the US banks, Credit Suisse and Deutsche Bank had softer landings in their fixed income trading businesses than expected, thanks to a pick-up in volumes during June, Barclays, which has committed to cutting long-dated and structured rates, seems to have been hit hard. -
Sustained cost-cutting allowed UBS to report almost a 20% increase in profits on Tuesday. By cutting expenses the bank was able to shrug off declining profits in its investment bank and wealth management business.
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Deutsche Bank’s debt heavy investment banking model received scant boost from the rebound in global IPO revenues this year, unlike some of its US peers. Deutsche reported ECM revenues up 30%, but that translated to an increase of just €61m to a total of €265m.
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Credit Suisse announced plans to wind down its commodities trading business on Tuesday, using the resources to support the bank’s more profitable units. The decision follows CS reporting a hefty pre-tax loss, caused by a large fine from US regulators.
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All of the big US investment banks have beaten grim expectations for their fixed income trading divisions, despite a collapse in volumes far more severe than that in the first quarter and volatility that is still on the floor, writes Owen Sanderson.
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Bank of America Merrill Lynch became the first US bank this year to post a year-to-date rise in revenue from their fixed income, currencies, and commodities business, announced in their second quarter earnings report on Wednesday.
