Euromoney Awards for Excellence 2010
Credit Suisse and Deutsche Bank win top honours in Euromoney Awards for Excellence; Vikram Pandit of Citigroup wins inaugural Banker of the Year award
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At a gala dinner in London Thursday July 8, 2010, Euromoney announced the winners of its Awards for Excellence – the most prestigious awards in the global banking industry.
The dinner was attended by 450 of the leading bankers and investment bankers from around the world, and was hosted by Rory Bremner.
Credit Suisse was awarded the title of best global bank. “With its successful execution on a new strategy, and high returns on a low-risk model, Credit Suisse is arguably the best-run bank in the world today,” said Euromoney. “Its model is one that many other global banks are now seeking to emulate, if not in whole then certainly in part. The numbers speak for themselves: for the first quarter of this year, a tier one ratio highest in its class of 16.4%; risk-weighted assets lowest in its peer group at $218 billion; and a return on equity that was the highest of the global banks, at 23.3%.”
Brady Dougan, CEO of Credit Suisse Group, said: "We are honoured that Euromoney has chosen to recognise Credit Suisse tonight. While these awards recognize our past performance, we are mindful that we must continue to remain focused and responsive to further change in our industry. Firms that are willing and able to successfully change the way they do business have the best chance of thriving and we think our client focused, capital efficient strategy positions us well for the challenges ahead. We are grateful for the continued support of our clients, shareholders and employees, without whom these awards would not have been possible." Deutsche Bank is the best global investment bank for 2010. “What makes Deutsche’s performance truly remarkable is that it comes during a period in which the firm has fundamentally transformed its core businesses, rethought its model, reduced risk, reduced assets and had high staff turnover. No other major global investment bank has chosen to undertake such a transformation and executed it while still producing superior financial results and doing good work for clients,” Euromoney said.
Anshu Jain, head of the corporate and investment bank at Deutsche Bank, said: "We are very pleased that Euromoney chose to recognise us as the best investment bank for 2010. Our ability to gain market share across the Corporate and Investment Bank while simultaneously reducing risk and positioning for the future is a tribute to our employees and their efforts on behalf of our clients."
Vikram Pandit is the winner of Euromoney’s first banker of the year award, recognising his achievements in restoring Citigroup to profitability having executed one of the biggest, and most complex, bank restructurings in history. “For a man who was supposedly doomed to fail, Vikram Pandit has done a remarkable job in transforming Citigroup. Few, if any, bank chief executives have faced a tougher set of challenges over the past two years or been the subject of as much criticism. He has come through many battles, and no doubt has more to come. But it is time to start giving Pandit some credit for his achievements.”
Pandit said: “I am deeply honoured that Euromoney has recognised the significant progress we are making at Citi. By focusing on being a bank dedicated solely to serving its clients and taking advantage of our unique global footprint, we have put all the elements in place for long-term profitability and success. This recognition would never have been possible without the dedication and hard work of our 263,000 employees around the world, and I am proud to accept this award on their behalf.”
HSBC, Euromoney’s best global bank in 2009, had another successful year, winning four global awards – more than any other bank – including the prestigious emerging markets bank of the year title.
Barclays was the inaugural winner of Euromoney’s best global flow house award, recognising its achievements in sales and trading of credit, rates, equities and commodities.
Moelis & Co also scooped a new award, as best independent investment bank.
All of the winners of the Euromoney Awards for Excellence 2010 are published in the July issue of Euromoney, available online to subscribers today.
The July issue also includes exclusive, in-depth interviews with Credit Suisse’s Dougan, Citi’s Pandit, and Deutsche Bank’s Anshu Jain and Michael Cohrs.
ABOUT EUROMONEY AWARDS FOR EXCELLENCE
Since 1992 Euromoney, the world’s leading financial markets magazine, has singled out the outstanding institutions in finance.
Over the years, the Awards for Excellence have evolved with the markets they cover. They now incorporate 25 global awards for banking and capital markets; and awards for the best banks and securities houses in almost 100 countries around the world.
All the awards have one central theme – they recognise institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they excel.
Banks are invited to submit their credentials for the awards which, after analysis and interview, are decided by a committee of senior Euromoney journalists chaired by the magazine’s editor, Clive Horwood.
ACCESSING EUROMONEY’S AWARDS FOR EXCELLENCE
Members of the media wanting access to the Awards for Excellence results should contact Peggy Westlotorn, marketing manager for Euromoney, at firstname.lastname@example.org or +44 207 779 8861.
Non-subscribers wishing to access the results through Euromoney’s website should call our hotline on +44 207 779 8999. For immediate access, subscribe now.
Award winners who wish to promote the results may contact us.