Bank strategy and results
Commodity trading activity bounced back in the second half of last year to raise optimism that better times are ahead for banks that stuck with the business while rivals ran for cover.
JP Morgan deposed Goldman Sachs from the top of the investment banking heap in 2016 - not because the bank surged ahead, but because as all banks fell back, Goldman fell further.
Claus Skrumsager, Morgan Stanley’s co-head of global capital markets in the EMEA region, is moving into the bank’s investment management division to start his own fund.
HSBC began cutting around 100 senior jobs in its investment banking division worldwide last week, according to sources with direct knowledge of the matter.