Antony Currie has more than a decade of experience as a financial journalist, having worked with Euromoney since 1996, most recently as a US editor. He has worked on assignments in the major financial centres of Europe and the US and written stories on capital markets, global economies and the investment banking industry. He holds a bachelor's degree in German language and literature and a master's degree in politics and international relations from the University of Bristol. Follow Antony on Twitter @AntonyMCurrie
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James Gorman presided over a far better Q1 than in 2013 – including bucking the Wall Street trend in fixed-income trading. Goldman posted stronger numbers, though investment gains helped. More importantly, Gorman is closer to hitting targets than other rivals like Citi and BofA.
Most of them will be thrilled at the IPO, even though to get it away the boutique adviser slashed the price and number of shares. The debut values Moelis at $1.3 bln, however, below Sumitomo’s 2012 buy-in. Greenhill, Lazard and Evercore all would have been better bets.
Some $6 bln of legal costs chewed up all the U.S. bank’s Q1 profit. It took half as much again to cause a quarterly loss at JPMorgan last year. BofA’s bad results, however, probably will leave Citi boss Mike Corbat wondering why his better-performing bank got stiffed by the Fed.
- Citi looks perfectly priced - for more mediocrity
- GM, regulator dabble in Wall Street shortcomings
- Putin may find more appeal in Arctic than ex-USSR
- Ken Lewis gets partial comeuppance for BofA mess
- Citi's latest fail should stress Mike O'Neill
- Sumitomo’s U.S. expansion needs cautious approach
- Dimon deputy epitomizes succession of all sorts