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 $100 bln German software group is the latest big tech firm to disappoint investors. Shares fell after currency moves hit Q1 results. Yet the investment case is improving. The stock has cheapened this year, and SAP’s shift to cloud-based databases seems to be working.
The Swiss lender’s private banking arm is pulling in more money. But a 11 pct year-on-year dip in quarterly investment banking revenue suggests Credit Suisse’s other main engine isn’t motoring. Paring back further in fixed income would be one way to get things moving.
The Italian lender’s cash call may raise more than the 3 bln euros originally intended to meet regulatory hurdles. Monte Paschi’s shares have taken a hammering. But in the light of recent peripheral bank capital hikes, MPS could find the money and end up stronger.
- Raiffeisen shows its eastern woes predate crisis
- Europe’s banks lose their cover on leverage ratio
- Banks swap rewards for risk on public deals
- ASOS’s glitzy rating assumes a lot goes right
- Monte Paschi swaps tail risk for bid speculation
- Intesa’s spring cleaning heralds return to health
- Fed raises bar for Europe’s bank stress tests