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Corporate broking relationships endure for decades and build deep roots between both individuals and institutions, enabling banks to win outsized revenues from clients they serve. No wonder that a new crop of banks are expanding their ambitions
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
The launch of a €35bn exchange offer for Germany’s Commerzbank marks a decisive attempt to break a stalemate that has frustrated Andrea Orcel in his quest to turn UniCredit into a pan-European banking champion
Bank strives for ‘complete global offering’ in M&A and ECM but market conditions hang in the balance
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The dust is still settling from the results of the Asset Quality Review and bank stress tests, but it seems clear that the catharsis European officials hoped for has not materialised. The AQR, in particular, was worthwhile and bank balance sheets are more transparent. But it doesn’t follow that Europe’s banks will now embark on a lending spree. Lack of demand remains the underlying problem, which could present a challenge for Monte dei Paschi di Siena. Meanwhile, deflation looms — a scenario, incidentally, that the stress tests didn’t consider. -
The Royal Bank of Scotland had hired Colin Holdstock, ex-head of fx options for Asia ex-Japan at Nomura, and Glen Goh, ex-deputy global head of Asian fx and global head of Asian non-deliverable forwards at Standard Chartered, as managing directors in its Asia Pacific markets business, both based in Singapore.
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Provisioning for litigation costs has pushed UBS's third quarter results into a pre-tax loss, the bank said on Tuesday. Even strong performances in investment banking and wealth management were unable to offset the damage done by the extra legal provisioning.
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The clearing industry could face increased systemic risk thanks to incoming Basel III regulations on capital charges if more clearing providers, or futures commission merchants as they are known in the US, are forced to close.
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TriOptima has eliminated $500bn in notional principal outstanding since the launch of its cross-currency compression swap service earlier this year, and client participation has nearly doubled from 12 to 20 institutions.
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Hedge funds are targeting decompression between iTraxx Crossover and iTraxx Main, in the expectation that Main will tighten versus Crossover in the aftermath of rumours that the European Central Bank may extend its asset buying programme to include corporate bonds. Funds are specifically looking at going long risk iTraxx Main and short risk iTraxx Crossover.
