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 French bank’s shares slumped 9 pct after it cited Frankfurt’s opposition to a planned structural rejig. While peer BPCE enacted a similar overhaul in 2013, that predates the ECB’s new supervisory remit. Credit Agricole could have done with being less presumptuous.
Ex-UBS and Citi trader Tom Hayes has been sentenced to 14 years in jail for Libor-rigging. That hefty deterrent and better industry compliance reduce the likelihood of a repeat. But both will have to endure to offset the ongoing banker mentality that moneymaking trumps all.
France’s top bank by assets cranked out resurgent second-quarter earnings of 2.6 bln euros. Three takeovers in 2014 are delivering results. Yet dealmaking sprawl has tripped up rivals in the past. It might be a good time for the Belgian state to trim its 10 pct stake.
- Deutsche Bank smart on growth, shabby on costs
- Barclays' new crash diet needs markets to be kind
- UBS payout potential gives it an edge over peers
- UK seeks watchdog: must be tactful, tough and able
- Bafin barbs show scale of Deutsche overhaul task
- Fund managers beat banks in anti-regulation tussle
- Barclays lacks options to avoid ring-fence pain