Matt Spick News
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Investment banks may lose $17 billion of revenue in fixed income, currencies and commodities by 2016 because of levies and regulation, according to a Deutsche Bank AG report.
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Stocks in Switzerland climbed, with the benchmark Swiss Market Index paring its weekly decline, as bank and luxury shares advanced and a Chinese government economist forecast growth will improve this year.
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UBS AG, Switzerland’s biggest bank, may have to cut another 2,000 to 3,000 jobs as it scales back from capital-intensive businesses, according to a research note by Deutsche Bank AG.
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European banks tumbled, led by Lloyds Banking Group Plc and Intesa Sanpaolo SpA, on concern firms will struggle to fund themselves and increase earnings as the region’s sovereign debt crisis strangles economic growth.
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Credit Suisse Group AG’s investment bank salvaged a full-year profit in 2011 by pushing 500 million Swiss francs ($549 million) of employee bonus costs into 2012.
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Credit Suisse Group AG , Switzerland’s second-largest bank, may report lower second-quarter earnings tomorrow, after Europe’s sovereign-debt crisis made clients more reluctant to trade.
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British, French and Nordic lenders may be among the biggest winners of the decision by central bank chiefs to relax liquidity rules, according to analysts.
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A number of banks including Allied Irish Banks Plc, Commerzbank AG and National Bank of Greece SA could fail the European stress tests because they can’t meet the required Tier 1 ratio, said a Deutsche Bank AG analyst.
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European banks with more than $100 billion of cash to raise by year-end will have to pay up because investors perceive them as the worst credits they’ve ever been.
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European stocks declined for a fourth week, led by banks and carmakers, as concern escalated that the global economy is slowing and as the leaders of the euro area failed to restore investor confidence.
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