Off the record


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“Banks are failing to originate real-economy assets with any enthusiasm not because they can’t fund them but because they can’t own them”

It’s the capital weightings, stupid – according to this banker

“I wouldn’t describe the approach to transaction cost analysis in fixed income as sophisticated, more… rudimentary”

A bank’s head of fixed income admits that the buy side could do a much better job of cutting trading costs

“When the coupons on deals are lower than borrowers’ leverage multiples... that’s not good”

This capital markets head sees signs that the leveraged finance market is in bubble territory

“Few things are more annoying than watching a potential client look down an alphabetical list of bank names and his or her eye still being drawn to the top of that list. ABN Amro have an alphabetical superiority. Thankfully that’s all they have”

A Dutch banker bemoans the alphabetical inferiority of his bank

“We have as many lawyers as traders on the floor these days”

A foreign exchange head bemoans the world of FX during the investigations into malpractice

“At least we’ve created a lot of employment opportunities”

A competitor in forex at least sees the funny side of all the hires his bank has made in compliance and legal officers

“It’s the equivalent of saying that we’re changing the speed limit from 70mph to 55mph today, but if you were caught on camera going over 55mph in the past 10 years, we’re going to fine you and give you points on your licence”

Is changing the rules retroactively on what used to be standard practice in forex fair? This FX banker thinks not