More good news! Amidst revelations like the one suggesting banks' costs have fallen 8% this year whilst their revenues have fallen 21%, comes tell of something soothing. Specifically: Deutsche Bank analyst think banks may have had an OK third quarter.
"There may be a beat in 3Q ibanking coming," Deutsche Bank's analysts disclose today. This seems to be mostly down to FICC, which has been pretty good. Equities sales and trading remains weak (A new study by Greenwich Associates says equity commissions have slumped 25% in the past 3 years). DCM and ECM were pretty quiet in July and August, but 'anecdotally' September has been, "far more robust" in DCM, says Deutsche.
The bad news is that Deutsche Bank analysts think attitudes to pay are becoming far more robust too.
Separately, following this week's article by the intern who got so excited about the prospect of being paid well in banking that he thought he'd never have to think of money again, blogger Ben D Walsh has put him in his place.
"If he spends a career in investment banking and private equity, most of what he thinks about will be money," says Walsh. "If he’s really good at his job — in the way that people who are fiercely driven to do their jobs and exceptionally talented at them are, all he’ll think about is money."
Now Nomura might buy a little Asian investment bank. (Bloomberg)
Under Anthony Jenkins, Barclays is expected to pull out of Asian equities. (Financial Times)
45% of Nomura’s cuts will be in Europe. 21% will be in America. 18% will be in Asia ex-Japan, 16% will be in Japan. (Financial Times)
If you work at JPMorgan and had much to do with Bruno Iksil, you may want to retain a lawyer. (Advanced Trading)
Humans have two separate kinds of status, dominance and prestige. (Edge)
Hindsight more likely to affect men. (PhysOrg)