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 Swiss bank is still paying for past sins, with a 12 month extension of a U.S. non-prosecution deal and a hefty $1.9 bln addition to legal reserves in the third quarter. But the underlying businesses are now prospering. Investors can finally eye decent returns.
UK and U.S. supervisors agree bonuses should be deferred, serial-offending firms broken up and individual misconduct industrially logged. European regulators may have other ideas. But transatlantic harmony is a step towards these ideas being solidified as post-crisis policy.
The analysis has enough nasties to avoid appearing a whitewash. And it has a big loser: Monte dei Paschi is a massive 2 bln euros short, amid other predicted failures. But while the bigger lenders passed and the air has been cleared, it may yet fail to spur credit supply.
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- Credit Suisse's future is mid-table drabness
- FX business now shares equities' harsh economics
- BoE IT payments glitch raises serious questions
- SAP's cloud comes with rain
- More is less for Credit Suisse's three co-heads
- EU bank salaries get an unlikely ally