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To Avoid Liquidation Panic, HNA Assures Deutsche Shareholders It’s A “Long-Term Investor”

The notoriously acquisitive Chinese conglomerate HNA – which recently had a sharp falling out with Beijing resulting in a margin call "shocksave" – is facing a serious cash crunch in 2018 as nearly a quarter of its $100 billion in debt – a large chunk of which was accumulated during a multi-year buying spree that […]

Jefferies Fixed Income Revenue Plunges 37% To 2 Year Low

Once upon a time Jefferies was the country’s biggest junk bond trading shop, with a small investment banking group on the side. Now, it’s the other way around. in its latest quarter and fiscal year ended November 30, Jefferies – which is the last public company to announce results in the old bank convention with […]

Goldman Sachs: 2017 In 100 Charts

Goldman Sachs' Sumana Manoghar, Hugo Scott-Gall, and Navreen Sandhu wax lyrical in their introduction to the 100 most interesting charts of 2017… In this very special edition, straight from our hearts, We pro?le 100 of our best and most compelling charts. They tell the story of a changing world; and below it starts. But for […]

Financial Times Survey: Banks’ Brexit Relocations By March 2019 Much Lower Than Feared

In the run-up to the recent agreement on phase I of Brexit, there was mixed news on the extent to which jobs in the City of London would be relocated to other European hubs, primarily Frankfurt. On one hand, we discussed the meeting between US Commerce Secretary, Wilbur Ross, and executives of JPM, Goldman, HSBC […]

Enron 2.0? ECB, Global Banks On The Hook For $21 Billion In Steinhoff Implosion

Earlier this week we reported that as part of the stunning, unexpected collapse of South African retail giant Steinhoff, which also owns France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K., none other than the ECB was unveiled as owning an unknown amount of its recently issued €800 million in […]

Citi Tumbles After CFO Warns Of $20 Billion Charge If Senate Tax Bill Passes

Citi stock tumbled, closing at session lows after the bank’s CFO John Gerspach  confirmed that the trading woes plaguing other banks would impact it as well, previewing Q4 trading as down “in the high teens.” The percentage decline in trading revenue from a year earlier is largely driven by the bank’s fixed-income unit, Gerspach said […]

Trump Attorney Denies Deutsche Bank Received Mueller Subpoena

Early in the European trading session, German media reported and Bloomberg confirmed that Special Counsel Robert Mueller had subpoenaed Deutsche Bank several weeks ago for details of transactions involving President Donald Trump, as well as documents relating to any accounts he might hold there. It was already widely known that DB was one of the […]

JPMorgan, BofA See 15% Plunge In Trading Revenues; Blame “Lack Of Volatility, Excitement”

Stop us when you’ve heard this before… and you’ve heard it exactly two times in the last two quarter: both Bank of America and JPMorgan warning their revenue will be down double digits year over year because volatility is so low, and traders are so paralyzed, there is much less money to be made trading […]

Wells Fargo May Be Hit With “Repeat Offender” Formal Enforcement Action

It's beginning to seem like every day there's a new scandal breaking out at Wellls Fargo. Earlier this week, the Wall Street Journal dished on Wells Fargo’s latest scandal when it reported that several regulators and even one US attorney were investigating the bank for gouging clients of its foreign-exchange trading desk. Among the many […]

DB’s “2018 Credit Outlook” – Killer Charts Point To Bearish Not Benign Conclusion

DB’s Jim Reid has released his “2018 Credit Outlook”. In our first pass on this 60-pager earlier, we noted that Reid characterised 2017 as the most “boring year ever”, since it will go down as one of, if not the least, volatile year for the majority of asset classes. Heading into 2018, Reid characterises risk […]

Here We Go Again: Wells Fargo Is Under Investigation For Gouging Clients

After reporting last month that Wells Fargo’s foreign-exchange unit was being investigated by regulators and that the bank had fired four employees – and demoted another – after discovering certain unspecified improprieties in its FX shop, more details about the exact nature of the bank’s latest scandal – which follows revelations that the bank’s retail […]

Wall Street Traders Used Chat Rooms To Rig Treasury Auctions, Federal Lawsuit Alleges

Over the past several months, as we followed HSBC’s currency scandal involving trader Mark Johnson who netted his firm $8 million in illicit profits by front-running a $3.5 billion client order, we frequently noted that Johnson was nothing more than a convenient scapegoat for a global financial industry that is rife with similar front-running scams […]

Deutsche Bank CEO Says AI Will Help Him Cut Tens Of Thousands Of Jobs

While many in the financial services industry are dreading the day that AI technology becomes advanced enough to render broad swaths of the human workforce obsolete, Deutsche Bank’s John Cryan ironically sees the technology as something that might help him save his job. The leader of the biggest German lender has been tasked with putting […]

Banks Warn London Facing Brexit “Point Of No Return”

During his trip to London this week, US Commerce Secretary, Wilbur Ross, wasn’t only defending revelations in the Paradise Papers that he’d invested in a shipping company with ties to the Putin family. He also attended a “closed-door meeting” with executives from JPMorgan, Goldman, HSBC and other banks. The meeting took place over lunch in […]

Goldman’s Asset Arm Takes Big Hit On Venezuelan Bond Bloodbath

The fallout from the Venezuelan bond restructuring has claimed a major victim in Goldman Sachs Asset Management, or rather some of the “muppets” who trusted Goldman to invest their money. However, the route which led Goldman to losing a chunk of client money wasn’t just a case of bad judgement, being riddled with the usual […]