For almost 10 years Josef Ackermann has regularly proved his critics wrong. His latest retort has been to rebalance Deutsche Bank's business mix and maintain returns within a much-changed investment bank. But can he meet the aggressive new targets he has set?
The rise of Itaú, led by its chief executive, Roberto Setúbal, is one of the success stories of a generation in banking. Consistency and a canny approach to acquisitions have been the key to Setúbal’s achievements. And that is not going to change even as Itaú Unibanco cements its place as one of the world’s largest banks. Rob Dwyer reports from São Paulo.
Already a powerhouse in FICC, Barclays Capital is muscling its way into the upper echelons of global M&A advisory and equity capital markets. Its three-year investment programme to build global franchises on the back of Lehman’s US rump is nearly done. The firm’s bosses promise shareholders that they are about to reap the dividends and that revenues and income will flow in. The handful of leading global investment banks have a new competitor to deal with.
Local and international players are trying to break into the growing onshore Middle East private banking market. But dealing with the world’s wealthiest families poses big challenges. In the first part of Euromoney’s Middle East roundtable on private banking, participants discuss their individual models, and how the financial crisis has affected their clients.
IIF report suggests it will be years before many banks have adequate risk IT; Only a few have a clear framework for assessing risk appetite
$50 billion resolution comes to an end; Model for US banking system and European banks
Fund raised €8 billion in June; Calls for EFSF Greek debt exchange
Corporate issuers bring volumes to $1.5 billion; End of the long-duration trade?
Offshore renminbi market surges; Driven by corporate activity
Unlikely to threaten OTC market; Other exchanges chase incumbent CME
Corruption rife in Afghan banks, says CEO; Can fragile state survive another crash?
CEOs can be forced to testify; Accused companies face difficulties in counter-suing
More Chinese companies listed in the US are considering going private as scandals dogging the sector harm their valuations, according to investment bankers working with those companies.
Delayed rule equivalent to US’s Reg M; Sources say insider trading the real issue
Region contributes 43% of group income; Argentine unit prepares for IPO
$4 billion loan in return for oil; China bolsters strategic relationships in South America
Local players still dominate; International banks target market share
Wider LatAm agreements planned; Brazil to introduce high-frequency trading
Fears over market-unfriendly policies rise; But are not justified says BAML banker
Complex financing comprises three facilities; Biggest Islamic deal for private-sector borrower
The Hungarian government last month announced details of its long-awaited mortgage relief plan, designed to help households deal with rising repayments on loans denominated in foreign currencies following the depreciation of the forint against the Swiss franc and euro.
Five failed Russian IPOs in London this year; Realistic pricing key for successful deals
Infrastructure and fuel inflation drive issuance; AfDB creates domestic bond index
Many banks still can’t articulate a clear framework for taking on risk, and repairs to their failed risk IT systems are years from completion.
Evolution of its financial system gives confidence that the economy will not overheat.
Global banks have their uses but local firms are proving best adapted to this rising region.
Nathaniel Rothschild’s latest investment vehicle pits huge reward potential against substantial downside risk.
Default at its telecoms operator might soon add to Ireland’s woes.
The IFC’s response to the banking crisis in emerging Europe could offer guidance for those seeking a solution to Greece’s woes.
Growing concern in the US that a Greek default could prove to be Europe’s equivalent of the Lehman Brothers collapse threatens to exacerbate trans-Atlantic tensions and spoil trading prospects for global investment banks.
JPMorgan did a fine job in downplaying the significance of its recent payment of $153.6 million to the SEC to settle accusations of fraud over a mortgage-backed CDO squared product from 2007. The SEC had alleged that JPMorgan was negligent in failing to disclose the role that hedge fund Magnetar played in selecting the mortgages in the synthetic CDO, then taking the short side of the credit derivatives trades used to create the portfolio.
There are doubts that the peripheral countries have the will to cut and tax their way to stability. That leaves growth as the way to balance the books. Where will it come from?
The flurry of deals among stock exchanges is a fight for relevance in a world in which regulation and technology have lowered barriers to entry. It is a battle the London Stock Exchange lost many years ago.
Amid the storm of accusations, counter-accusations and recriminations that has characterized the developing China overseas-listed stock scandal, much more has been written and said about the question of whether the companies involved are scams than what might have driven these alleged frauds to mislead their investors in the first place.
ICMA chairmanship passes from one BarCap banker to another.