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 Spanish bank has already bid 1.1 bln euros for its Portuguese peer, but fellow BPI investor Isabel dos Santos wants a merger with local rival BCP. That would create competition issues. But dos Santos’ blocking stake suggests Caixa may have to pay up – if it can afford it.
The UK bank has cut investment bank bonuses by a quarter, atoning for a PR gaffe last year when pay rose despite a drop in profit. But 2014 results show returns in the unit are also lower. To maintain its turnaround, Barclays may have to shrink the misfiring division further.
The British lender is cutting its once-mighty investment bank further after a full-year loss of $5.4 bln. That’s the right strategy, but it will hit short-term profitability. Worse, RBS’s state owners may not make investor returns their priority after the May election.
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