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 German investment bank is under fire from U.S. regulators for poor-quality financial reporting. In recent months Deutsche Bank has raised capital and revamped strategy – but that’s the easy part. Making investors believe culture has genuinely changed will take much longer.
The Swiss bank’s fixed income arm offset private bank weakness in the second quarter – the opposite of the first. Credit Suisse’s cost savings helped it shrug off a big U.S. fine, and exiting commodities makes sense. But at some point top-line strength needs to replace tinkering.
The Portuguese bank says it has a 2.1 bln euro capital cushion to protect it from its troubled parent. The central bank agrees. But details are still murky, and a cloud hangs over its Angolan unit. Until the Espirito Santo network restructures, investors have reason to fret.
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