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Ackermann puts on a brave face over a poor set of results, but Deutsche’s performance in its powerhouse sales-and-trading business shows just how tough the markets are for even the strongest banks
Published February 2012 euromoney.com
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The era of global investment banking is coming to an end. But financial trade involving and between developing markets will continue to grow. This gives a once-in-a-lifetime opportunity to firms based in those markets to build not just leading domestic franchises but also ones that can compete on a much broader scale. Which emerging market investment banks are best placed to take it?
Euromoney January 2012
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In a society obsessed with maximizing profit, Muhammad Yunus, Nobel Peace Prize winner and pioneer of microfinance through Grameen Bank in Bangladesh, has a new goal: to get business and finance to take off its ‘profit-maximizing glasses’ and think about its role in society instead
Euromoney January 2012
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Euromoney September 2011
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Zhou Xiaochuan is governor of the People’s Bank of China (PBC) and a member of the Chinese Communist Party Central Committee.
Euromoney September 2011
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For all the policy decisions of the past three years, nothing has been done to address the fundamental problems facing the economies of the developed world. Four key issues will continue to keep the world in a prolonged period of stagnation. If they all get worse at the same time, the consequences are painful to contemplate. Peter Lee and Clive Horwood look at the state we’re in.
Euromoney September 2011
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Lurching falls in financial markets over the summer betray investor fears that begin with doubts over governments’ inability to manage their debts. But they do not end with them.
Euromoney September 2011
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These requirements to prevent an economic crash highlight a second new aspect of the fear of a double dip now gathering among investors: that developed-world economies are close to stalling at a time when policymakers are close to running out of tools to support them.
Euromoney September 2011
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When the financial crisis began in 2007, it was presumed that emerging markets too would suffer. But while the developing world experienced a slowdown, and emerging Europe in particular was struck hard, by and large these countries’ economies proved resilient and recovered fast.
Euromoney September 2011
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While the equity markets fell hard between early July and August, since then they have recovered slightly while remaining highly volatile, regularly rising and falling by between two and four percentage points in a single day. This suggests a profound uncertainty as to whether or not the global economy can avoid the dreaded double dip and over how policymakers, now gathering in Washington for the annual meetings, will act.
Euromoney September 2011
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It is now more than four years since the financial market crisis broke out with the wholesale collapse of the US mortgage-backed securities market in the summer of 2007. It is 16 months since the European sovereign debt crisis erupted, when, with Greek bonds trading at 80% of face value, primary and secondary government bond markets seized up across the eurozone in the first week of May 2010.
Euromoney September 2011
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As Euromoney went to press, the bailout deal agreed by European heads of state for Greece on July 21 looked at risk of unravelling over a squabble arising from other countries, including Austria and the Netherlands, objecting to the private side deal by which Finland had appeared to extract from Greece cash collateral to be put against its share of commitments.
Euromoney September 2011
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There’s been an inversion in the natural order of the credit world in the past 18 months. It used to be that sovereigns were risk-free, that banks enjoyed implicit sovereign guarantees and with it cheap funding, and corporates were the source of true credit risk.
Euromoney September 2011
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If Europe’s sovereign debt problem is heading to a decisive crisis moment, it seems that it must resolve itself either through some form of greater fiscal union or a break-up of the single currency that, if disorderly, could easily be even worse for the global financial system and economy than the aftermath of the Lehman bankruptcy.
Euromoney September 2011
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You have to feel sorry for Jean-Claude Trichet. Here’s one of the great central bankers of his generation, an architect of the euro, who had to wait for his time to lead the European Central Bank that he played a key role in creating.
Euromoney September 2011
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When Bank of America’s share price collapsed last month, most equity analysts blamed the sell-off on investors taking fright at the prospect of a double-dip recession in the US that might further impair damaged housing assets on the bank’s balance sheet that it might not have adequately written down yet.
Euromoney September 2011
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UBS credit analysts point out that banks in the eurozone have deleveraged far less aggressively than lenders in the other two most troubled jurisdictions in the financial crisis, the US and the UK, having already been among the most leveraged and wholesale dependent going into it. This has left them poorly positioned to deal with the large macroeconomic shocks that might now be at hand.
Euromoney September 2011
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Banks are trying, and most are struggling, to come to terms with the triple threat of moribund markets, bigger capital requirements and changes to their business strategies inflicted by both regulators and the fallout from the sub-prime crisis.
Euromoney September 2011
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It is clear that the banks that paid huge sums to financial engineers to fill their balance sheets full of toxic waste stopped digging their way into that hole rather quickly after the shock of 2007 and 2008 and have spent the time since trying to dispose of assets and garner the financial wherewithal to write down or at least reserve against those they can’t sell.
Euromoney September 2011
