China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

Euromoney’s 2012 FX survey results

Euromoney’s 2012 FX survey results

Access the results now

February 2007

Barclays Capital



The Champions League of investment banking

How we calculated the investment banking Champions League table

Director of football: John Varley
Age: 50
Appointed: 2000
Value added: 13.3% pa (12th)
Chop rating: 2/5

Varley has done nothing wrong, but is overshadowed by head coach Bob Diamond. However the biggest threat to his position could be a ­takeover bid from a rich foreigner

Head coach: Bob Diamond (55, 1997)


Star players:
Now that Diamond spends most of his time in the boardroom, his joint captains have taken more responsibility – and Jerry del Missier, rather than Grant Kvalheim, seems to have more influence

Rising star: The tabloid press is obsessed with Roger Jenkins – not just for his earnings and his division’s profitability, but also for the leading WAG in investment banking – his wife Dijana

Weakest link: Still waiting for the US business to match undoubted European strength. High compensation levels might start to hit the bottom line, unless the bank can lose its reputation for paying top dollar, or those individuals continue to outperform from a revenue perspective. And the lack of M&A and equities remains a strategic issue – Deutsche shows it's possible to organically build these products silos


Key transfers 2006:

IN: Joe McGrath and Rick Van Zijl (co-heads of US leveraged finance, from Goldman Sachs); John Langley (co-head of European corporate risk advisory, from Merrill Lynch)

OUT: Richard Gladwin (head of FX, to Lehman Brothers); Gary Cottle (head of corporate risk advisory for EMEA, to Morgan Stanley); Robert Palache (head of corporate securitization and real estate EMEA, to Morgan Stanley)


2006 capital markets performance (▼/▲ 2005)

Overall fees: $968mln (+32%) 12th (▲1)

DCM: $935.3mln (+33.7%) 10th (▲1)
ECM: $28.6mln (+51.9%) 15th (no move)
M&A: $4mln (-73.2%) 15th (no move)
FX market share: 6.61% (+0.76%) 4th (▲1)

Rankings 2006:

Return on equity:
25.8% (= 3rd)
Growth of earnings: 33% (9th)
Market cap: $93bln (7th)

Champions League position 2006: 8th If Barclays Capital were a Champions League team it would be: Arsenal (with apologies to Chelsea fan Bob). Highly respected, long-serving foreign coach has transformed a traditional, previously staid UK institution, with a host of overseas playing talent




































































Summary table of top banks, with quick links to more related content on euromoney.com

Is the banking boom sustainable?

The investment banking Champions League 2006
Euromoney's unscientific guide to the industry's leading firms
  Click on the firm's name below to read commentary Overall fees RoE GoE Mark cap Total
1 Goldman Sachs 32 16 14 9 71
2 Morgan Stanley 26 11 16 8 61
3 JP Morgan 28 1 15 14 58
4 Citigroup 30 5 1 16 52
4 UBS 22 14 3 13 52
6 Credit Suisse 20 10 11 7 48
7 Merrill Lynch 24 6 10 6 46
8 Barclays 10 14 8 10 42
9 Deutsche Bank 18 8 9 4 39
10 HSBC 8 2 13 15 38
11 Lehman Brothers 16 12 6 2 36
12 BNP Paribas 6 9 7 11 33
13 Bear Stearns 14 4 12 1 31
14 Société Générale 2 15 5 5 27
15 ABN Amro 12 7 2 3 24
16 RBS 4 3 4 12 23
Source: Dealogic, Annual reports, Euromoney


































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