Jul 29 2014 20:53 BSTEurope's investment banks bounce back
European investment banks are back. After a long period in which they lost market share to their US rivals in the crucial business of debt sales and trading, they are finally regaining some ground. Both Deutsche Bank and UBS published results on Tuesday that showed an outperformance in the businessBy Daniel Schäfer, Alice Ross and Camilla Hall
Jul 29 2014 16:57 BSTThree European banks drawn into 'dark pool' probes
UBS, Credit Suisse, and Deutsche Bank have been drawn into a deepening probe of banks' anonymous "dark pool" trading venues, with all three receiving subpoenas from authorities over their operations, according to disclosures and a person familiar with the matter. Alongside second-quarter results, UBS disclosed that it was in contactBy Kara Scannell in New York, James Shotter in Zürich, Daniel Schäfer in London and Alice Ross in Frankfurt
Jul 29 2014 16:21 BSTBP: rouble without a cause?
Half a century ago, MC Esher cleverly depicted a staircase that circled perpetually upward. The Dutch lithographer must have had BP's management in mind. On Tuesday, BP reported underlying earnings of $3.6bn for the second quarter, a tenth higher than expected. The result was up a third over last year.
Jul 26 2014 00:32 BSTWeek in review, July 26
A round up of some of the week's most significant corporate events and news stories. Europe puts Google privacy policies under fresh scrutiny Google faced fresh scrutiny of its privacy policies, business practices and tax arrangements in Europe this week, as the internet company continued to come under pressure from
Jul 24 2014 17:18 BSTNokia: tower of strength
Regret and sorrow follow most forced separations, requiring inner fortitude. Nokia sold its handsets division to Microsoft for €5.4bn in April, leaving a networks unit (base stations and other kit) plus plenty of patents and software. Thursday's second-quarter earnings for Nokia show that there is more to life than smartphones.
Jul 22 2014 20:37 BSTCredit Suisse faces investor calls for more radical cuts
For the first half of this year, the main question hanging over Credit Suisse was how it would resolve its long-running tax evasion dispute with the US. But with a $2.8bn settlement finally complete, investor attention has shifted back to the Swiss bank's strategy in general, and its investment bankingBy Daniel Schäfer and James Shotter
Jul 22 2014 17:19 BSTCredit Suisse: cutting edges
Slash, slice, snip. Cost cutting in investment banks is popular these days. Barclays is a relatively recent enthusiast. UBS has been at it for longer. And here comes Credit Suisse with cuts of its own. The bank is pulling out of commodities trading, and cutting back other parts of its
Jul 22 2014 13:48 BSTCredit Suisse's commodities exit in focus
When is an investment bank committed to a business? Until it's not! That oft-quoted adage could be heard in the City of London on Tuesday morning after Credit Suisse joined the ranks of investment banks exiting commodities trading. In a surprise announcement, the bank said it was winding down itsBy Neil Hume, Commodities Editor
Jul 22 2014 07:28 BSTCredit Suisse exits commodities trading, trims investment bank
Credit Suisse said that it would exit its subscale commodities trading business and further trim other parts of its investment bank, after posting a SFr700m net loss in the second quarter. The loss, which compared with a profit of SFr1.05bn a year ago, was mainly due to a SFr1.6bn chargeBy James Shotter in Zürich
Jul 22 2014 00:19 BSTRenaissance Technologies accused of avoiding tax with banks' help
Hedge fund Renaissance Technologies has been accused of misusing complex financial structures, with the help of Barclays and Deutsche Bank, to avoid paying more than $6bn in US taxes, the Senate Permanent Subcommittee on Investigations said on Monday. Renaissance is said to have made $34bn in trading profits, while theBy Gina Chon in Washington