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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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Credit Suisse’s fixed income, currencies and commodities business relies too much on credit, EM and securitization, said analysts from JP Morgan on Wednesday.
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The European Banking Authority has highlighted the “search for yield” as a danger for Europe’s banks, warning in a report published this week that “risks of overvaluations with sudden, potentially substantial repricings and spread movements remain”.
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The Bank of Italy’s efforts to get Italian banks ready for supervision by the ECB has crushed Intesa’s 2013 P&L, as the bank follows the same strategy as peer UniCredit in taking a huge impairment in the final quarter to clean its balance sheet for the impending asset quality review and stress test double-whammy.
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The International Capital Markets Association and the Bank of England are united in saying that the repo markets suffer from poor use of collateral rather than a lack of supply.
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BNP Paribas has put disintermediation at the heart of its 2016 strategy for the corporate and investment bank, and committed to “bolster debt platforms, in particular high yield”. It also plans to launch an integrated derivatives clearing platform for the first time, straddling CIB and Securities Services.
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Banks are still allocating resources to unprofitable areas of business which are unlikely to get better, according to research from Morgan Stanley and Oliver Wyman.