Another Firm Says It's Committed To Investment Banking For Long Term

Thumbs Up

French bank Societe Generale said last week that it remained committed to investment banking for the long-term.

The Wall Street Journal reports that the bank's Deputy Chief Executive Severin Cabannes told reporters last week: 'Our situation is very different than that of UBS'.

In the meantime, Bloomberg reports that Goldman Sachs recorded losses from that business on 2 days in the third quarter, down from 21 days in the same period last year.

The firm’s traders made more than $100m on seven days in the quarter ended September 30th, compared with nine days in the year-earlier period, the New York-based company said in a regulatory filing.

And the news organisation also reports that JPMorgan’s traders lost money on 10 days during the third quarter, down from 28 in the prior three months when the largest U.S. bank struggled to unwind a wrong-way bet on credit derivatives.

Losses occurred on 39 days in the first nine months of this year, compared with 18 days during the same period of 2011, New York-based JPMorgan said in a regulatory filing. Traders earned more than $200m on seven days in the first nine months, including five in the third quarter, the bank said.

Finally, Reuters reports that Commerzbank has strengthened internal supervision for its rate setting operations involved in arranging the European Interbank Offered Rate (Euribor).

Goldman Sachs Traders Lost Money on 2 Days During Third Quarter

JPMorgan Posts Trading Loss on 10 Days as Derivative Bet Unwinds

Commerzbank strengthens internal supervision for Euribor rates

 

 

 

Best place to workThe Best Firm of the Last Decade is...

Register for Financial Markets News Alerts