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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An adviser to the European Court of Justice has quashed UK legal arguments contesting EU pay limits. A ruling against Britain is now more likely next spring. Base salaries will rise, and industry pay could remain high. It’s a blow to the BoE, but the banks brought it on themselves.
The Bank of Portugal thinks Banco Espirito Santo’s healthy rump can be sold early next year. But dashing to offload Novo Banco could leave other domestic banks with losses. Unless Portuguese bank regulation wants to take another reputational hit, a sale shouldn’t be fast-tracked.
Prime Minister Viktor Orban wants more of the banking sector owned domestically, and one foreign lender has already quit. The concern is that high-handed regulation intensifies. Yet Budapest’s bank supervision is not yet so unreasonable to make leaving a no-brainer.
- Regulators wake up to banker salary problem
- FX-gate raises tricky management problem – loyalty
- FX fines are wake-up call on self-policing
- How to benchmark banks' FX fines
- SocGen investment bank stuck with revenue problem
- BoE leverage rule is complex, kind and incomplete
- BNP's U.S. demons repelled but not quite banished