Barclays’ investment bank stuttered in the first quarter, failing to follow rivals’ sharp dealmaking gains as revenue from fixed income trading tumbled by 21%. The UK lender, which has been looking to reduce reliance on its investment bank under a strategic shift unveiled in February, brought in revenue of £3.3bn for the unit, which was
HONG KONG (Reuters) -Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific this week, sources with knowledge of the matter said, as weaker deal activities and sluggish markets in China and Hong Kong weigh on their business prospects. Morgan Stanley is cutting at least 50 investment banking jobs in
Wall Street is surging again. This time, bank executives say it’s for real. Bank of America (BAC), Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and JPMorgan Chase (JPM) all reported first-quarter jumps in investment banking. They did so because initial public offerings, bond issuances and in some cases M&A deal making beat analyst expectations.
By Tatiana Bautzer and Manya Saini (Reuters) -Morgan Stanley’s first-quarter profit beat estimates on Tuesday, fueled by a resurgence in investment banking and growth in wealth management, sending shares up 3.7%. Investment banking revenue climbed 16% from a year earlier. Fixed-income underwriting did well for a second quarter in row, driven by higher bond issuance.
The business of banking has become tougher in the last few years. Rising interest rates mean banks have to pay depositors more interest, and many banks have a lot of risky loans on their balance sheets — especially commercial real estate loans. But big banks have other lines of business that’ve been doing well lately.
JPMorgan Chase CFO Jeremy Barnum said on the company’s first-quarter earnings call Friday that the bank had seen good momentum in investment banking, but was still cautious going forward. JPMorgan Chase has started to break out of the investment banking slump that hit the entire industry last year, though it continues to wait out a
Societe Generale is set to sell its equipment financing unit to rival Groupe BPCE as the French lender looks to simplify its business under new chief executive Slawomir Krupa. The bank said that it has signed a memorandum of understanding to sell Societe Generale Equipment Finance to Groupe BPCE, with the sale price agreed at €1.1bn, it said
Greg Guyett oversees a broad range of businesses as the chief executive of HSBC’s global banking and markets unit, a role he took on in October 2022, just before rivals started making deep job cuts. But he’s looking to grow most of these businesses including investment banking, securities services and transaction banking, he told Financial News in a wide-ranging interview.
Barclays will cut several hundreds of jobs in the coming months.Image: Olivia Harris (Reuters) Barclays and Citigroup are set to cut jobs from their investment bank divisions, people familiar with the cuts told Bloomberg on Wednesday. These cuts follow follow a spate of similar layoffs across other big banks. Is it too late to invest
Barclays is preparing a fresh wave of job cuts that will affect hundreds of employees within its investment bank, according to reports. The UK lender, which unveiled a strategy revamp in February in a bid to boost returns and cut costs, will strip out hundreds of roles across investment banking, research and markets, Bloomberg reported.