Kian Abouhossein News
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Deutsche Bank AG, continental Europe’s biggest bank, is raising 5 billion euros ($6.5 billion) in capital, three months after co-Chief Executive Officer Anshu Jain said a share sale wasn’t in investors’ interests.
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UBS AG, Deutsche Bank AG and Lloyds Banking Group Plc posted profit that topped analysts’ estimates in a sign Europe’s largest lenders are rebounding from the financial crisis after years of job cuts, loan losses and capital raising.
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UBS AG, Switzerland’s biggest bank, reported first-quarter earnings that beat analyst estimates on higher revenues at the investment bank and in wealth management.
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Credit Suisse Group AG, the second- biggest Swiss bank, posted a jump in first-quarter profit on lower costs and improved earnings at the investment bank.
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Raymond James Financial Inc., the brokerage that posted profits for 100 straight quarters, is showing investors that simplicity is key to generating gains.
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Morgan Stanley fell to a three- month low in New York after the firm reported the biggest drop in trading revenue among the largest U.S. banks.
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Citigroup Inc.’s European chief, Jim Cowles, said so-called U.S. universal banks like his own are gaining market share in investment banking because they can absorb the rising cost of regulation better than European peers.
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JPMorgan Chase & Co., the largest U.S. bank by assets and the top investment bank by fees, is questioning the so-called universal bank model’s future.
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Goldman Sachs Group Inc. and Morgan Stanley were cut by an analyst at JPMorgan Chase & Co. on concern that a U.S. regulatory proposal may make the banks’ capital requirements stricter than European rivals.
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Europe’s failure to resolve its sovereign-debt crisis will force investment-banking chiefs in the region to consider shuttering entire businesses rather than rely on piecemeal job reductions to revive profit.
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