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Bank M&A is back on the agenda, but talk of SMBC buying Jefferies is premature. The two firms are prioritising their multi-stranded alliance and a takeover now would jeopardise it
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
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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. -
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.
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JP Morgan’s head of investment banking for China, Fang Fang, has decided to retire from the company amid a SEC hiring probe, and will be replaced by Frank Gong, according to an internal memo.
