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February 2010

February 2010

Credit Suisse reaches the summit of private banking

Euromoney February 2010

A strategy of integration is paying rich dividends for Credit Suisse, sending the Swiss private bank storming past local rival UBS to take the top spot in the global rankings. Now it needs to maintain that momentum. Helen Avery reports.

CEO interview

Private banking: Oswald Grübel claims the tide is turning for UBS

Euromoney February 2010

Legendary troubleshooter Oswald Grübel has had a tough first year at UBS, trying to mend the bank’s tattered reputation and staunch the outpouring of client money. But his biggest challenge may be convincing the markets that his methods are working. Peter Lee reports.

Deals of the year

Deals of the Year 2009: An instructive year

Euromoney February 2010

It was meant to be another year of difficulty and potential disaster. But 2009 provided much more than even the arch-optimist could have expected.

Middle East

Dubai World: From peak to trough

Euromoney February 2010

Dubai World’s proposed restructuring has given the emirate precious time to begin to get its affairs in order. A painful adjustment process is in prospect. Sudip Roy reports from Dubai.

Private banking and wealth management survey

Private Banking and Wealth Management Survey 2010: The old order changes

Euromoney February 2010

The financial crisis and its reverberations have been felt dramatically across the private banking industry. The status quo has been altered and new leaders have emerged, as the Euromoney 2010 private banking poll reveals. Helen Avery reports.

Private banking and wealth management special focus

Private banking: Switzerland fights back in tax war

Euromoney February 2010

Offshore banking centres and the code of secrecy are under attack by governments hungry for tax revenues. But Switzerland’s private banks are adapting fast, and finding strength in openness and innovation. Helen Avery reports.

Private banking: JPMorgan takes the top spot (Ultra-high net worth)

Euromoney February 2010

With a long-standing reputation for stability and sound advice, JPMorgan was ideally placed to profit from wealthy investors’ mistrust of other managers during last year’s market mayhem. Doug Wurth, head of its international private bank, tells Helen Avery how his division kept its cool and its clients during the crisis.

Private banking: Asian clients return to risk cautiously

Euromoney February 2010

Eager to move out of the low-yielding cash they sheltered in during the crisis, clients of Asia’s private banks are moving to riskier assets, with a renewed interest in diversification. Will that also mean diversifying their choice of banks? Lawrence White reports.

Latin American private banking: Advisers sceptical of highs

Euromoney February 2010

Brazilian equities proved irresistible to investors in 2009, but private bankers are looking elsewhere for returns amid fears that the love affair might not last another year. Chloe Hayward reports.

Private banking: Deutsche lays out big ambitions

Euromoney February 2010

The acquisition of Sal Oppenheim accelerates Deutsche Bank’s ambitious private banking growth strategy. Peter Lee reports.

France’s private banks widen their nets

Euromoney February 2010

Private banks draw on their groups’ retail base, while there has been a revival in appetite for structured products. Helen Avery reports.

Cash management

SEPA: A lame duck struggles to make common sense

Euromoney February 2010

After hundreds of millions of euros of investment, banks are finding that the EU’s single payments area (SEPA) is not the promised land. Early adopters think the blame lies with politicians and want them to save Sepa by forcing through migration. Laurence Neville reports on a flawed but not failed initiative.

Cash management debate: Difficult choices

Euromoney February 2010

Turmoil in banking has changed transaction services. Just as it has become crucial to extract every last efficiency from treasury, clients face new choices and new uncertainties. How should they choose their banks? How can they manage their risks? What should their treasury look like?

Foreign exchange debate

Foreign exchange debate: If it ain’t broke, don’t fix it

Euromoney February 2010

In all the talk of regulation, the distinction between settlement risk and counterparty risk seems to have been blurred. The FX market survived the crisis best.

Banking news

Bank results: FICC trading revenues to fall 15% to 20% in 2010

Euromoney February 2010

UBS and Morgan Stanley beef up to regain market share; Broader competition from the French banks

People moves: Winters linked to UBS role

Euromoney February 2010

Investment banking: Péretié determined to continue SG’s Evolution

Euromoney February 2010

French bank’s write-downs spook investors; But head of SG CIB says strategy is working

Regulation: Banks digest the meaning of Basle III

Euromoney February 2010

Capital regulators tighten rules; Banks required to set aside more capital

Markets news

Sovereign bonds: Greece’s bond travails recall Russia in 1998

Euromoney February 2010

First bond issue of the year gets plenty of bids; fails in secondary trading; Fears that Greece might have to keep raising premium to attract investors

Sun sets on Talf programme

Euromoney February 2010

Funds want more issuance, please; Non-prime ABS will face period of higher financing costs

Foreign exchange: CFTC stokes a retail rumpus

Euromoney February 2010

Platforms form lobby group to counter proposals

Bonds: ManU scores own goal with investors

Euromoney February 2010

High-yield investors stayed on sidelines; Bondholders take early bath

Foreign exchange: Volumes rebound across currency markets

Euromoney February 2010

Average daily spot jumped 32%, says FEC

BNP fund taps renewed interest in infrastructure

Euromoney February 2010

Record number of funds seek cash; Debt appetite returns

Foreign exchange: No clarity on clearing

Euromoney February 2010

FX: CLS and Icap joint venture goes live

Euromoney February 2010

FX: Hotspot FX comes again

Euromoney February 2010

FX: Newedge gets Korean licence

Euromoney February 2010

FX: BNP Paribas become EBS prime bank

Euromoney February 2010

FX: Gain widens its ECN offering

Euromoney February 2010

FX: BNP hires for CTA build-up

Euromoney February 2010

FX: RBS exodus continues

Euromoney February 2010

FX: Standard builds in Turkey

Euromoney February 2010

FX: UBS hires market legend for Sing prop role

Euromoney February 2010

FX: GFT hires from CMC

Euromoney February 2010

Asia news

Debt capital markets: Investors look to Asia to diversify in 2010

Euromoney February 2010

High yield, Korea, financials among key themes; China the top local-currency market

Investment banking: BarCap’s sovereign success shows Asia ambitions

Euromoney February 2010

Indonesia, Philippines, Vietnam debt mandates won; Challenge of growing ECM, M&A in competitive field

Thailand: Siam City Bank sale is last chance to buy Thai

Euromoney February 2010

Latin America news

Argentina: Bank independence at stake as Redrado exits

Euromoney February 2010

Governor leaves after stand off; $6.6bln transfer at root of conflict

Brazilian banks drive Latin M&A rebound

Euromoney February 2010

Banco do Brasil considering US acquisitions; M&A volumes expected to pick up

Venezuela: ‘Crazed genius’ of Chávez’s dual-currency move

Euromoney February 2010

Selective devaluation only of short-term efficacy; Power supply crisis looms

EEMEA news

Kazakhstan eyes sukuks

Euromoney February 2010

Marchenko plays down Eurobond option; Bank restructurings nearing completion

Nigeria touts nine banks in negative equity

Euromoney February 2010

Share prices rebound; Pressure on recapitalizations at year-end

Saudi banks face a spike in bad debt

Euromoney February 2010

Croatia: Private equity firms get busy

Euromoney February 2010

Local players and foreign firms show interest; Expansion capital and turnaround opportunities sought

Belarus: Russia blows hot and cold

Euromoney February 2010

Hungary: Bajnai pushes more reform

Euromoney February 2010

Special situations: IFC launches recovery fund

Euromoney February 2010

Leaders

Private banking: Where there’s wealth, there’s a way

Euromoney February 2010

Integration has become the key goal as banks look to boost their wealth management revenues.

Argentina: Redrado’s era comes to an end

Euromoney February 2010

Martin Redrado departs as central bank governor of Argentina after standing by his principles. Someone will regret that, but it probably won’t be Redrado.

Islamic finance: Build a market that is truly different

Euromoney February 2010

If Islamic finance is to be more than just a marketing fad, radically new products must be developed.

The rise of sovereign default swaps

Euromoney February 2010

Investors are showing their nerves in the CDS market.

Russian equity: Rusal botches its IPO

Euromoney February 2010

The Russian aluminium company’s stock market debut seemed ill-fated from the start.

Distressed-debt: One day my price will come

Euromoney February 2010

Distressed-debt investors will continue to need deep reserves of patience during this downturn.

Hedge fund heaven – not hell

Euromoney February 2010

Hedge fund AUMs are on course to equal their 2008 peak, and Obama’s bank reform proposals should help, not hinder, the sector.

Columns

Abigail Hofman: Planet Banker

Euromoney February 2010

IFR awards; HSBC cocktails; the US banks' Q4 reporting, or, a party without the punchbowl.

Macaskill on markets: Prop risk will always be inherent to sales and trading

Euromoney February 2010

The unexpected lurch towards tighter regulation by the Obama administration has focused an unwelcome spotlight for banks on the dirty secret of their sales and trading operations: exactly how much is made from proprietary risk-taking by business lines with a nominal client focus.

Macaskill on markets: UBS and Citadel show it’s not easy to staff an investment bank

Euromoney February 2010

Against the Tide: Government deficits and debt – Greek myths

Euromoney February 2010

Greece has a tough road ahead of it to restore economic health and credibility. But those who believe it will default, leave the eurozone or abandon the EU are living in a fantasy world.

Inside investment: They said it couldn’t be done

Euromoney February 2010

Is the money management industry – or ought it to be – facing an existential crisis?

Banks must accept structural change

Euromoney February 2010

Front end

Islamic finance: Profits without guilt

Euromoney February 2010

David Proctor: From top stories to bottom

Euromoney February 2010

BGC sells recovery trade

Euromoney February 2010

Savings: Are banks safer than shoes?

Euromoney February 2010

Crédit Agricole: Licence to brand

Euromoney February 2010

Quotes of the Month

Euromoney February 2010

Off the record

Euromoney February 2010


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