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’Survival of the fittest — an Evolution bid
Who on earth would want to buy a UK stockbroker at the moment?
The sector is blighted by over capacity, low trading volumes, and a lack of investor appetite in new listings. Add to that the rise of direct market access and dark pools and the outlook is truly bleak.
What is a ‘basically stable’ renminbi?
The superior man is modest in his speech, but exceeds in his actions.
- Confucius, The Analects, Chapter IV
China’s leaders have long been known for their pragmatically gnomic political sayings.
RBC set for C$1bn in buy-backs
Royal Bank of Canada has indicated it could spend more than C$1bn ($965m) on share buy-backs, underlining the contrasting financial health of Canada’s banks and many US and European counterparts. Canadian banks have built a sizeable capital cushion over the past 18 months through retained earnings and new equity and preferred-share issues.
SEC finalises ARS settlements with BofA, RBC, Deutsche…
From the SEC:
Washington, D.C., June 3, 2009 – The Securities and Exchange Commission today announced finalized settlements with Bank of America, RBC Capital Markets, and Deutsche Bank to resolve SEC charges that the firms misled investors regarding the liquidity risks associated with auction rate securities (ARS) that they underwrote,
Stress test capital shortfall could have been $68bn bigger
The scenarios contained in the US banking stress tests have been much criticised. Now, the type of capital used in the SCAP is coming under scrutiny.
This from RBC Capital Markets’ Gerard Cassidy:
Overall we were pleased with the transparency the level of detail given by SCAP but we have a couple of criticisms of the program.
One in eight lenders ‘could fail’: RBC
More than 1,000 US banks, or one in eight lenders, may fail in the next three to five years as commercial loan losses rise, compounding problems from record mortgage delinquencies and soaring home equity loan defaults,
RBC enters European leveraged finance
Royal Bank of Canada is shrugging off the slump in the debt markets by opening a European leveraged finance business in London. RBC Capital Markets, the bank’s corporate and investment banking division,
Canadian banks in $11bn spree
Toronto-Dominion Bank said Tuesday it would buy US bank Commerce Bancorp for $8.5bn in stock and cash. The move doubles the Canadian bank’s presence in the US and underscores the power of the soaring Canadian dollar. The deal came the same day that Royal Bank of Canada,