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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The Swiss bank is cutting the level of annual bonuses it defers. After the 2008 crisis, regulators delayed variable compensation to improve accountability, leaving lenders with higher fixed costs and grumpy staff. Trouble is, ditching deferrals entirely doesn’t look practical.
France’s largest bank’s 30 pct discount to tangible book value implies investor fears about its so-so capital and exposure to stricken oil groups. BNP Paribas’ top line in its three main arms still grew in the final quarter. It should be trading nearer the likes of ING.
The Swiss bank would have made a fourth-quarter net loss even without 6 bln Swiss francs of one-off and restructuring costs. Its Asian bit alone grew revenue, yet boss Tidjane Thiam is wary over China’s future. Pre-tax profit targets look ambitious: pay cuts can only do so much.
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