Edward Evans

ECB’s Parking Fees Show Its Weakness

bloomberg.com — European Central Bank President Mario Draghi surprised markets and analysts last week by saying the central bank is open to an unconventional stimulus tactic: pressuring banks to lend by charging them a fee for parking cash at the ECB.

Hedge Funds Rush to Debt Trading Where Wall Street Tread

bloomberg.com — Hedge funds using debt-trading strategies honed on Wall Street are expanding at a record pace as they profit from risks big banks are no longer taking. BlueCrest Capital Management LLP doubled its New York staff in the two years through December, while Pine River Capital Management LP increased its global workforce by one-third in 2012.

12 Banks Accused in Lawsuit of Restraining Swaps Market

bloomberg.com — Goldman Sachs Group Inc. (GS), Citigroup Inc. (C) and 10 other banks have restrained market competition for credit default swaps in violation of U.S. antitrust law, a union pension plan claimed in a federal court complaint.

No German Jain Bringing Deutsche Bank to World as Customer’s Man

bloomberg.com — Twelve days into his job as co- chief executive officer of Deutsche Bank AG (DBK), Anshu Jain stood beside Germany's finance minister and in front of video images of lush forests and rolling rivers as hundreds of businessmen sang the national anthem.

JPMorgan Beats Goldman as Biggest Payer as Europe Trails

bloomberg.com — JPMorgan Chase & Co (JPM). was the top payer among investment banks last year, awarding its senior employees a fifth more than Goldman Sachs Group Inc., according to a report that also highlights a growing divide between firms based in the U.S. and Europe.

Commerzbank Bonus Appeal Fails as Dresdner Bankers Win Again

bloomberg.com — Commerzbank AG (CBK) must pay 50 million euros ($65 million) to 104 bankers at its now-defunct Dresdner unit after a U.K. appeals court refused to overturn a judge's decision that the German lender must honor its promises on bonuses.

U.K. Banks Said to Be Rattled by Regulator’s Silence on Capital

bloomberg.com — Britain's new banking regulator has rattled lenders by holding off disclosing how much capital each firm will have to raise after ordering the industry to plug a 25 billion-pound ($38 billion) shortfall by the end of the year, three people with knowledge of the discussions said.

Santander Profit Falls on Slump in Lending Revenue

bloomberg.com — Banco Santander SA (SAN), Spain's biggest bank, said first-quarter profit fell 26 percent, missing analysts' estimates, as lending revenue in its home market, Brazil (SANB11) and the U.K. dropped. The shares fell. Net income declined to 1.21 billion euros ($1.6 billion) from 1.63 billion euros in the year-ago period, the Santander, Spain-based lender said in a filing to regulators today.

Lansdowne Exits Prudential Short After ‘Meaningful’ Losses

bloomberg.com — Lansdowne Partners Ltd., the biggest European hedge-fund firm focused on stock picking, said it abandoned a more than four-year bearish bet against Prudential Plc (PRU) after suffering "meaningful" losses. Lansdowne's $8.6 billion Developed Markets Fund exited the short position in the first quarter after determining that the stock won't fall "any time soon," according to a letter sent to clients this month.