Dominic is a London-based columnist covering investment banking. Prior to Breakingviews, he spent two years at moneydealer ICAP, where he brokered equity derivatives trades between investment banks, high-frequency trading firms and hedge funds. He has more than five years of financial journalism experience, including stints as news editor and investment banking editor at Financial News. He has also written for The Wall Street Journal Europe. Dominic holds an MA in Classics from Oxford University and an MSc in Development Management from the London School of Economics. Follow Dominic on Twitter @DominicElliott
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Germany’s biggest bank tweaked its management ahead of today’s AGM. The shift in responsibilities falls short of the leadership overhaul some shareholders seek. But co-CEO Anshu Jain’s new strategy role makes him directly accountable for much-needed cost cuts.
Barclays, Citi, JPMorgan and RBS have admitted culpability for currency market-rigging, and UBS has done so for Libor. Admissions of criminal guilt used to be seen as death blows, but they’ve become almost pain-free tokens. No wonder bank shares rallied on the news.
A new set of Basel-originated rules for lenders could hike risk-weighted assets by over 10 pct. Institutions would then have to delever or find fresh capital. Brussels might find the effect on European banks clashes with its desire to rekindle economic growth.
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