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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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CEO Antony Jenkins praised Barclays as a bond arranger, leveraged finance, advisory and ECM house on Thursday, while simultaneously announcing 7,000 job cuts, to fall mainly on front-office trading businesses.
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Credit Agricole shares rose 5% to €11.67 on Wednesday, approaching last month’s three year high, as the bank reported an 85% rise in first quarter profit from the same period last year. The results benefited from a 20% cut in provision for bad loans, with the group’s Italian consumer finance subsidiary Agos Ducato improving its cost of risk by 30%.
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Natixis reported Q1 2014 wholesale banking revenue flat year-on-year at €727m, broadly in line with analyst estimates.
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Société Générale had a strong quarter in equities, traditionally a strength for the bank, but the success was not enough to make up for a writedown on its Russian assets and the tough environment in fixed income.
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Commerzbank racked up pre-tax profits of €324m in the first quarter, up from a loss of €29m in the same quarter the year before. The bank made a profit despite dismal trading conditions for the fixed income and currencies business.
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As Barclays results days go, today’s has not been too painful. The shares were down 4% by lunchtime, but that only took them back to their level a week ago. After the annual results in February, the shares fell 6.5% on the first morning.
