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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In recent days, Barclays, Citi, Credit Suisse, Deutsche and RBS have socked away big sums for legal expenses, much of it related to forex rate manipulation. That suggests many U.S. and UK regulators are working together on a rare single settlement. It’d be good for all concerned.
Having to slash $600 mln from recently disclosed earnings because of new regulatory developments is an unwelcome surprise for investors. The bank blames fast-moving investigations. If rivals don’t follow suit, though, the excuse may not be enough cover for Citi’s top brass.
The Wall Street firm’s Q3 results show boss Ken Jacobs short of his 25 pct margin target for the year. Getting there requires a fair drop in pay in the final quarter. But rising revenue from the urge to merge should allow him to balance the interests of bankers and shareholders.
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