Keith Mullin is Editor-at-Large of International Financing Review (IFR). An accomplished journalist, editor and market commentator for over 25 years, Keith has covered a range of specialist market segments from debt, equity and loan capital markets to securitisation, financial derivatives, leveraged finance, emerging markets and others. He is the author of two hard-hitting analyses of the investment banking industry – "Global Investment Banks: Trends, Strategies and Performance (2006) and “After the Bailout: Future Directions in Investment Banking” (2009). Based in London, Keith is married with three children. He is Vice President of Save the Children.
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MAJOR BANK STOCKS have been on a tear since the US election result, up on average around 25% – a whole lot more in many cases. It’s not just US banks but international players too. It’s probably safe to say equity prices have been caught by a wave of investor over-exuberance and the acceleration will settle down over time. But the appreciation does raise some vital questions.
Not that anyone should be surprised, but didn’t John Cryan have a demeanour of a weary man with a lot of troubles on his shoulders in his interview on CNBC?
The recently announced bailout of Banca Monte Dei Paschi di Siena retail Tier 2 bondholders and the limited bail-in of institutional Tier 1 holders has thrown to the fore a bitter dispute around the wipe-out of shareholders and subordinated bondholders in six Slovenian banks that were rescued by the state in 2013 and 2014.