The cross-channel brawl that has broken out between London mayor Boris Johnson and a French central bank official has everything a British tabloid editor loves: colorful protagonists, money, national pride and a favorite adversary – the French. While it’s tempting to read the story as a blunder by the French, it’s a calculated move, and […]
The investment-banking reformation is picking up steam, with converts joining its ranks by the day. And like the Protestant Reformation in the 16th century, it promises to be tumultuous and far-reaching, while leaving the promise of heaven just as uncertain.
Three recent deals involving investment banks suggest a reshaping of the industry is underway, but beyond the perfunctory coverage of their press releases the deals haven’t drawn much attention. But each says something significant about where the industry has been – and where it might be headed.
It’s easy to dismiss the carbon market as a passing fad or an artifact of a more optimistic, pre-recession world. Yet carbon trading continues to grow, following a trail blazed by another asset class that once seemed obscure and risky but is now a cornerstone of the investing world: emerging market bonds.
Here are four quick observations following Vikram Pandit’s surprise resignation as Citigroup CEO: 1. The bank deserves high marks for projecting a positive and consistent message from what was surely a contentious and tense situation. Abrupt CEO resignations come amid difficult board meetings, harsh words and hard negotiations. But this morning’s news release was solid […]
Investors are growing impatient with the slow pace of the turnaround at State Street Bank. The bank’s stock price has barely budged in three years, but its senior executives have reaped princely sums – just the sort of thing to set investors’ teeth grinding. The bank’s poor performance is compounded by poor communication.
Martin Wheatley of the UK’s Financial Services Authority on Friday announced plans to overhaul Libor, which has been at the center of a rate-fixing scandal involving Barclays and other major banks. Wheatley called for significant changes in the way Libor is set, and encouraged reform of other commonly used benchmarks with similar weaknesses – something […]
Well, that didn’t last very long. After howling in indignation over accusations it laundered money for Iran, Standard Chartered bank caved in, agreeing to a whopping $340 million settlement with New York’s Department of Financial Services.
Peter Sands, CEO of U.K. bank Standard Chartered, got to live the fantasy of every bank CEO whose institution is accused of wrongdoing by regulators. He hit back. You could almost hear the cheering erupt from Wall Street and the City of London. But will his defense hold?
After being silent for most of the week, Knight Capital Group CEO Tom Joyce spoke to the Wall Street Journal today. He emphasized the firm’s rebound in business activity since a trading glitch stung the firm with a $440 million loss. The interview will help shift the focus toward Knight’s future, not its painful recent […]