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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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Crédit Agricole’s fourth quarter results showed that the bank was feeling the positive effects of its cost reduction plan and business disposals that it conducted in 2013. This cost cuts affected the corporate and investment bank, with the capital markets and investment banking division, for example, experiencing a drop in revenues. Yet group revenues increased.
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Crédit Agricole’s fourth quarter results showed that the bank was feeling the positive effects of its cost reduction plan and business disposals it conducted during 2013. This cost-cutting affected the corporate and investment bank, which experienced a drop in revenues, although group revenues increased. -
Société Générale’s corporate and investment banking business reported €6.7bn of revenues in 2013, a 14% increase on 2012 and headline group net income was strongly up at €2.175bn versus the previous year’s €790m. SocGen beat net income consensus estimates for the fourth quarter by nearly €160m.
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BNP Paribas reported weak full-year earnings on Thursday, with an unexpected provision wiping out much of the firm’s profit for the last quarter. Underlying performance also disappointed investors, with the investment bank seeing an almost 25% decline in profits.
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Barclays’ chief executive Antony Jenkins may have gone to bed happy on Monday night after the bank’s share price rose on his pre-announcement, a day early, of two headline numbers from its annual report. He was not smiling by Tuesday lunchtime.
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Commerzbank’s share price was up almost 3% on Wednesday’s close as it recorded a pre-tax profit of €232m for 2013 as well as making a pre-tax profit in the typically tricky fourth quarter, having taken a loss in the same period the year before.
