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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The U.S. mega-bank may trim some Wall Street operations if returns don’t improve. It’s bad news for smaller rivals if one of the biggest players in rates and derivatives can’t make money in some areas. But if clients end up paying more, bank investors will eventually benefit.
Like Citi, the bank sprung a legal settlement on investors. Unlike its rival, Morgan Stanley has shunted the cost into the previous year, making 2014 profit barely more than half what was reported. That’s handy, if cynical, for a Wall Street firm keen to trumpet its turnaround.
Jamie Dimon and crew reckon growth, cost cuts and new fees can boost earnings 43 pct and help silence talk of a breakup. Trouble is, the bank’s 2017 target puts tangible ROE at just 15 pct. That’s not bad but underscores what an unimpressive investment big banking has become.
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