Capital City is IFRe’s rolling digest of news, comment, and pure capital markets banter. CapCity will provide short, sharp takes from the Thomson Reuters stable — including IFR, IFR Markets and Reuters — as well as links to news sources around the world and a discerning filter of social media. You will also get an early taste of the deep news and analysis featured in the International Financing Review and our daily capital markets briefings.
You heard it here first: we’re entering a new phase of the banking cycle. And that’s despite the poor set of underlying operating conditions the industry is confronting, exemplified by volatile markets, NIRP and low economic growth, a shrinking wallet in certain business lines and individual bank rehabilitation programmes.
Is it just me or is there something awry at Credit Suisse? I mean, how many excuses did CEO Tidjane Thiam throw out today to try and mask – unsuccessfully in my view – his own shortcomings and those of the strategy he unveiled last October?
People who said that AJ Murphy was lured back to Bank of America Merrill Lynch early last year from her short and rather odd-looking jaunt to Goldman Sachs on a promise of future greatness certainly look to have been vindicated.