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 $1.4 bln deal for Rabobank’s retail business in Poland is what cross-border banking M&A looks like post-crisis. BNP is paying a premium to book value for a business with low returns. The French bank avoided a costly auction but needs synergies and growth to make the deal pay.
Barclays and UBS escaped $930 mln and $3.4 bln of trust-busting fines for exposing Libor cartels. It’s compensation for taking the reputational hit of settling early with other regulators. When the saga is done, the balance of financial pain may be in the whistleblowers’ favour.
The Bank of England has parked the idea of a 4 pct leverage ratio, days after retreating from tougher risk-weighted capital requirements. It’s a clear break with the Mervyn King era. But UK banks should keep building their buffers: global forces for more capital are here to stay.
- RBS stake sale recedes further into the distance
- Bad banks give low returns but high rewards
- Credit Suisse shows resolution has some way to go
- Banks need to lop another quarter off costs
- Vienna offers sovereign wealth fund deal of year
- Barclays' regulatory fix-it role is worth keeping
- French banks' strategies smack of déjà vu