Bank strategy and results
UBS’s investment banking revenues have plunged this quarter, which the Swiss bank blamed on some of the toughest market conditions in years and prompted it to slow hiring and cut an extra US$300m in costs this year.
CLSA chief executive Jonathan Slone has quit only weeks after the Chinese-owned investment bank’s chairman Tang Zhenyi also stood down, raising questions about the ability of parent Citic Securities to build out a rival to global banks.
DBS Group is aiming to treble its balance sheet in India over the next five years its local chief executive told IFR, shortly after announcing the launch of the bank’s subsidiary.
The first quarter is shaping up to be a wash-out for fixed income, currency and commodities trading, and Citigroup added to the chorus of banks saying a rebound from December’s gloom has been appreciable, but not enough.