Uncertainty Prevails in Bank Sector as Q4 Earnings Season Kicks Off
Some analysts expect the major banks to have "sluggish" earnings, but others see the market momentum as working in their favor.
UBS Could Shake Up Investment Bank
UBS is considering a revamp of its investment bank that could see it granting more responsibility to Andrea Orcel, co-head with Carsten Kengeter, and less to Kengeter, according to sources familiar with the matter.
French Banks’ Trading Assets Create ‘Systemic Risk’
The investment banking units of BNP Paribas, Société Générale, Credit Agricole and Natixis hold 2.05 trillion euros ($2.64 trillion) in trading assets.
EU Group Calls for Firewall on Risky Investment Banking
An EU advisory group said that the risks of investment banking should be separated from retail banking activities as a means of protecting depositors and taxpayers.
London Is Bleeding Bankers
Third-quarter drops in revenue and profits have reportedly cost the City of London 9,000 jobs in the financial services sector, according to a survey by a business lobby group.
Nomura to Scale Down Global Presence
The Japanese brokerage firm Nomura Holdings plans to seek nearly half of a planned $1 billion in savings from cutting European and Middle Eastern operations, with the rest to come from the Americas and Asia.
Merrill Loses Four Advisors to Wells Fargo
The departures come on the heels of news that BofA is selling some operations to Julius Baer and firing some U.S. Trust managers.
UBS on Review for Moody’s Downgrade
The same day the $2 billion loss hit the news, the firm was placed on review by Moody’s Investors Service for possible downgrade over its risk control measures.