BNP, Barclays, CIBC, Credit Suisse, Deutsche, Goldman, JPM, RBS
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The news agency also reports that Barclays Wealth feels that it may have to undertaken a transformational acquisition if it is to launch itself into the global private banking top 5.
In the meantime, Bloomberg reports that CIBC has revised the terms of its compensation policy for investment banking employees. Deferred compensation for senior staff has been increased to up to 50%, and the vesting period is also understood to have been lengthened.
The news agency also reports that Morgan Stanley analysts have said that both Credit Suisse and Deutsche Bank are likely to post third-quarter earnings which exceed market expectations. Whilst Goldman is now thought likely to post profits of some $2.3bn in the quarter (up almost triple on the same period last year), JPMorgan Chase earnings are expected to come in around at $2.05bn, and Citi is expected to post a $2.58bn loss.
Reuters also reports that Deutsche Bank is likely to pay around $1.47bn to acquire Sal. Oppenheim's private wealth and corporate client businesses. The news agency is also reporting that Frankfurt prosecutors have now confirmed that they will not launch a criminal investigation of Deutsche, its management or supervisory board over the so-called 'spygate' scandal. The prosecutors will, however, move against those they feel are responsible for the 'questionable methods' which were allegedly using to spy on individuals Deutsche insiders thought were working against the interests of the bank.
Finally, Bloomberg reports that, according to John Gieve, former Deputy Governor of the Bank of England, the UK government would have fully nationalised Royal of Scotland unless CEO Fred Goodwin had agreed to the government's first rescue package, which was signed off on the weekend of 11th - 12th October last year. Speaking on Bloomberg TV, Gieve said: 'For the boards and chief executives, particularly of RBS and HBOS, this was a terrible day. In truth, both RBS and HBOS knew they needed government support, and they were being told the terms they had to accept'.
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