Bank strategy and results
US banks could easily beat lowered expectations when they begin reporting second-quarter results this week after warning analysts off higher estimates, but there is still the potential for disappointment if there is a steep drop in investment banking fees.
Deutsche Bank said Garth Ritchie, head of its corporate and investment bank for the past two years, is leaving at the end of this month, heralding a major restructuring of the business.
Jefferies Financial Group’s revenue from sales and trading surged 29% to US$379m last quarter, contrasting with weakness seen by its larger rivals in April and May.
China’s first auction of bonds seized as a result of defaulted repo transactions flopped last week, dealing a setback to efforts to create a market for illiquid and non-performing assets.