Barclays, one of the world’s biggest commodities traders, is planning to exit large parts of its metals, agricultural and energy business in a move expected to be announced this week.
Deeper cuts needed over the coming months.
Goldman Sachs, the Wall Street firm with the highest return on equity in 2013, reported earnings that topped analysts’ estimates as investment-banking revenue jumped to the highest level since the financial crisis.
Barclays will provide a Group Strategy Update on Thursday, 8 May 2014 for institutional investors and analysts.
Moelis climbed in its trading debut after raising less than planned in the first U.S. initial public offering of an investment bank since the financial crisis.
'In the long-term they will have to do more. On a four or five year view, the investment bank could probably halve'.
Moelis & Co. raised less than it planned in the first U.S. initial public offering of an investment bank since the financial crisis.
Credit Suisse Group said first-quarter profit fell 34 percent as earnings at the investment bank dropped.
In recent private meetings with analysts and investors, Barclays' new finance chief, Tushar Morzaria, surprised attendees with a frank admission, according to participants: The bank doesn't have a credible plan for what to do with its sprawling investment bank.
'All market participants, analysts and investors, would welcome an investment-bank restructuring beyond what has been announced so far'.