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Viswas Raghavan’s move to Citi from JP Morgan 18 months ago has shaken up both institutions and provoked an intense Wall Street rivalry
Banks welcome UK’s relaxed prospectus rules as IPO pipeline swells
Originator hired to go after bank bond issues in euros and dollars
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The Federal Reserve has asked Bank of America to suspend its increased dividend, after the bank told the Fed it had used incorrect data in calculation of regulatory capital ratios.
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The stonking performance of advisory business in Goldman Sachs and Morgan Stanley’s first quarter results cushioned the blow of an industry-wide slump in fixed income trading revenues. Even within fixed income, both institutions survived the downturn better than their peers, with Morgan Stanley actually seeing an improvement, while Goldman saw an 11% decline in FICC revenues to $2.85bn.
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Barclays has been preparing the ground ahead of an expected crunch in FICC revenues in its first quarter results, which it reports on May 6. It has also moved to reassure the market that its strategy for the investment bank is under control, with details of another strategy review due to be announced on May 8, and a reshuffle of the investment bank’s management team.
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Further layers of management in Royal Bank of Scotland’s corporate and institutional bank have been decided, with promotions for Bob McKillip, Pierre Ferland, Richard Bartlett and Jan de Ruiter. -
The expansion phase is over for Russia's VTB Capital and Sberbank, which are replacing breakneck growth with focus on their strengths, writes David Rothnie.
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Barclays CEO Anthony Jenkins said at the bank’s AGM that its fixed income, currency and commodities (FICC) business “continued to face many of the challenges seen in the second half of 2013 with a significant year-on-year reduction in FICC income, reflecting difficult market conditions and a strong comparative performance for Q1 last year.”
