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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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JP Morgan beat its own projections of a 20% drop in markets revenues for the second quarter 2014, attributing the better-than-expected outcome to higher volumes in June and more than $100m in profits from a post-IPO share sale. -
Goldman Sachs posted a 47% increase in net revenues from equity underwriting in the second quarter, helping to offset a slump in trading activity which has affected its FICC business — although it still managed to beat expectations in that division.
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Citigroup’s second quarter profit was 96% lower from a year earlier, suffering from the $7bn agreement it made with federal prosecutors over the weekend, but expected declines largely beat expectations.
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The largest US home lender reported a dip in its quarterly earnings on Friday, ending its record run of 15 consecutive increases.
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European investment banking revenues were 28% of the world total in the first half of the year, the highest proportion since 2011, and a 9% increase on the year before, according to figures from Dealogic.
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Jefferies said in its second quarter results on Wednesday that trading revenues in equities and fixed income were down by about 5% on the year, compared to the 20% drop seen in the first quarter.
