Tag: earnings

Behemoths like NEC Electronics and Hitachi are trying to find new ways to survive, but cost cutting has its limits. Ex-Lehman bankers boost global trading, but personnel expenses drag down investment banking as Nomura finally returns to the black. Currency movements adversely impact results at both companies, adding to the problems caused by the recessionary conditions in their respective markets. HSBC has a good quarter bolstered by global banking and markets and its Asia businesses, but cautions that this may not be sustainable. The results show that impairments are on ... The UK bank benefits from trading profits in the first quarter, but cautions that a sale of its Asia franchise could take longer than originally forecast. Investors are reassured as first-quarter losses at the Swiss bank are in line with April indications, but falling fee levels suggest revenues will remain under pressure. Macquarie Group is forced to make big asset write-downs and raises $396 million from a sale of new shares. Deutsche Bank is profitable again thanks to earnings from debt sales and trading, resulting in Ackermann being asked to serve another three years. But markdowns continue to ... Markets respond calmly to Nomura's historic loss for the latest fiscal year. The focus on low-risk client and flow businesses results in a quarter-on-quarter turnaround of close to SFr10 billion in the investment banking division, allowing the bank to ... The $177 million loss in the past three months comes on the back of a December shortfall of $1.3 billion. Bank of America relies on trading gains at Merrill Lynch as loan losses mount. The bank reports a net profit of $1.6 billion for the first quarter, but the common stockholder doesn't get a share of the earnings. Record revenues from fixed income and equity markets corroborate the bank's conviction that balance sheet strength will help it to win market share. Earnings for the three months to March 31 beat analyst expectations, but December write-offs and a $5 billion capital-raising turn sentiment bearish. HSBC closes its US consumer finance unit and announces plans to raise $17.7 billion to fund growth and strengthen its capital base. The British bank will restructure both its global banking and markets division and the majority of its global operations. It confirms further layoffs will follow. Full-year profits at the French bank reach €3 billion despite big losses in investment banking. A reclassification of assets allows Societe Generale to post an improvement in earnings. The French bank also keeps investors happy by paying a dividend, but faces a difficult ... The investment banking division contributes strongly to the shortfall after a tough fourth quarter, but CEO Brady Dougan says all businesses have had a strong start to 2009.