Spencer Anderson is a senior report at IFR on the people and markets desk. Since joining in 2011 he has written extensively on banking regulation, tax issues and capital markets. He was previously with the Financial Times.
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Barclays’ investment bank struggled in the third quarter, with the business posting one of its worst results in recent years – second only to the loss it booked at the end of last year – after a torrid performance in equities trading.
UBS set aside SFr1.68bn (US$1.78bn) for expected fines related to market manipulation and legacy mortgage issues in the third quarter, ruining what otherwise would have been another strong quarter for its investment bank, with almost all businesses putting in a decent performance.
BNP Paribas’ corporate and investment bank managed to avoid a drop in profits after booking a €149m gain from cost of risk adjustments in the third quarter, helping offset a 4.8% increase in costs that outpaced revenue gains for the business.