Bank strategy and results
The rush to beef up activism defence groups appears to be paying off for investment banks – by one measure, at least, which shows the number of activism campaigns falling.
Australia & New Zealand Banking Group is targeting double-digit growth in Japan as it seeks to scale up its institutional business following a retrenchment across the region over the past two years.
Independent investment bank Jefferies saw its profits in the third quarter drop 28% from a year ago to US$60m, largely due to higher underwriting and business development costs.
JP Morgan and Citigroup offered a dreary outlook for the third quarter with less than three weeks left to save the period. For fixed income, commodities and trading it could spell another year of diminishing revenue as the strong performance in the first half is eroded.