Last year was a rotten one for most banks, as corporate lending, equity underwriting and merger activity sagged. Fifteen of the top 20 banks saw profits fall year on year, 10 of these by double-digit amounts. Net income fell for 30 out of the 42 largest US firms in the table; for 32 out of 41 Japanese, and all but one of the 16 Italian financial groups indicated. With revenue growth in trouble, banks are looking to pare costs - for which read redundancies.
Following the Bank Austria acquisition, HypoVereinsbank rockets up the rankings of largest banks by shareholders' equity to ninth place. Deutsche is now contesting fifth place with JPMorgan Chase but takes a big...
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