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 rail and bus operator is raising $1 bln to stave off a ratings downgrade. The chairman is leaving. Debt may be cheap, but too much is still a constraint. With equity markets rising, this won’t be the last over-geared firm to seek to restructure its balance sheet.
A new proposal not only limits bonuses for banks’ biggest risk takers, but for anyone paid more than 500,000 euros. The good intentions and the prospect of a more level European playing field are appealing, but reduced cost flexibility would make banks more dangerous to society.
The UK supermarket has gone for a joint venture with online Ocado rather than a full-blown bid. It will help Morrisons, a web laggard, catch up with rivals. A short squeeze explains most of the Ocado share surge, but the smaller firm has won surprisingly advantageous terms.
- Thomas Cook turnaround can travel on in style
- SocGen's cost-cut encore hints at wider revival
- BNP's European crisis scars could be lasting
- UBS is ill-judged target for shareholder activism
- New UBS is starting to work
- Deutsche capital capitulation goes just far enough
- European banks turn tables on Wall Street