June 2018

Top Stories

Nomura confronts the ghosts of its past

Nomura confronts the ghosts of its past

One year after its humiliating withdrawal from European equities, Nomura’s international businesses are humming. The Japanese firm is set to expand in emerging markets and in the US, while pivoting towards a bigger presence in risk, particularly credit risk. But it still faces its age-old conundrum: outside Japan, it is too big to be a boutique, but not big enough to be a global bulge-bracket investment bank. Can Nomura find a fitting new position as the entire industry restructures?

Nomura: Europe’s quick re-think turns crisis into an opportunity

Imagine that you run investment banking in Europe for a sizeable foreign firm whose name still enjoys a little cachet from its heyday 20 years ago when it figured high in the debt and equity arranger league tables and which sought to invest in Europe and rebuild scale after the global financial crisis.

Markets brace for the great QE unwind

Quantitative easing has been the defining monetary policy innovation of the 21st century. With global economic recovery now seemingly robust, the challenge facing policymakers is to reverse this stimulus. This is likely to be fraught with danger, particularly in Europe.

Santander plays digital catch-up

The bank has lagged behind its retail-focused competitors in Europe and Latin America. That is changing, senior management say. The Spanish group is pursuing new growth and diversification – from fintech investments to core-banking experiments and new online platforms.

Banking: Macquarie’s masters of reinvention

As he approaches 10 years at the helm, Macquarie CEO Nicholas Moore runs a business quite different from the one he inherited during the financial crisis. Capital market risk has been replaced with steady annuity-style income – but he says innovation and individuality has survived the transition.

Investment banking

Structured solutions drive Nomura

Structured solutions drive Nomura

A large part of Nomura’s recent boost in overseas earnings came from healthy fixed income revenues in the US. It has struggled to replicate this in mainstream primary debt. Instead, it pushes its strength in structured solutions.

Throsby turns back the clock at Barclays

Barclays has reversed course on the regional structure it put in place last year, with new investment bank head Tim Throsby putting a global stamp on the business and also paving the way to complete its previous expansion effort.

Regulation

European regulation: Banks need union for profitability

The drive to integrate the European banking system has taken a back seat as regulators have become concerned at the lack of profitability in the sector. Can banking in the EU be sustainable without union and with so much onerous regulation?

Western Europe

Surveys and Awards

FX Survey 2017: Fragile forex enters a new era

FX Survey 2017: Fragile forex enters a new era

The FX industry has moved on from the fixing scandal and now wants to write its next chapter, underpinned by a new code of conduct. But liquidity remains fragile, volume is down and further challenges lie ahead.

FX Survey 2017: All change but no change

The top firms this year look like they haven’t moved in 18 years. How can nearly two decades of upheaval appear to have altered the rankings so little in Euromoney’s foreign exchange survey?

Foreign Exchange

Latin America

Data talks big in Brazil – for now

The country’s biggest banks are working on the big data challenge. If successful, it could transform the industry and its performance. But quantifying the impact and differentiating between potential winners and losers is almost impossible.

Middle East

Emerging Europe

Banking

Capital markets

Front End

China: A song and dance for Belt and Road

China’s landmark Belt and Road Forum – not, we are told, to be abbreviated as Barf – has been hailed as a success for the country’s sprawling infrastructure agenda.

Brexit: Relocating? Let me call my cousin

The one-year anniversary of the UK vote to leave the European Union is fast approaching and still most banks clustered in London haven’t disclosed plans to relocate staff to deal with EU clients, senior management to answer to regulators, or even any support staff.