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 group’s investment bank trumped Wall Street in Q3. But it’s no longer a top-tier player in any standalone business line, and questions linger over its ability to maintain strong fixed income returns if rates rise. Muted expectations should apply to other divisions too.
That’s why recently resurgent volatility in currency markets won’t restore investment banks’ revenue. Blame a secular shift in FX, and the rise of electronic trading.
The central bank says a malfunction has led to backlogs in settling large payments, of the sort made by home-movers. The BoE is hard on retail banks for such failings. Its systems are meant to be “fault tolerant.” Even if the fallout is limited, an investigation shouldn’t be.
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