Western Europe

The recent multi-decade lows experienced by the pound and the yen may have different origins, but they are also a reminder that history has a habit of repeating itself.

Removing UK bonus caps and undermining the BoE could exacerbate a sterling crisis while entrenching US IB dominance.

Smaller firms are expected to pull back on expenditure as recession risk rises.

As the world’s biggest investment banks prepare to report third-quarter earnings in October, the signals are bad across the board.

The Netherlands wants biodiversity to be at the forefront of agricultural reform. But the government’s plan to buy out livestock farmers – which was behind the resignation of agriculture minister Henk Staghouwer last week – is a short-sighted solution.

Anti-ESG boycotts are unlikely to cross the Atlantic.

Bank of Cyprus has its quirks – such as a sanctioned oligarch as a large shareholder – but it is far from the only European bank with good potential still shunned by mainstream investors.

Banks must keep spending on systems that deliver more efficient anti-money laundering as crises spur financial crime.

When the founders of Belgian digital disruptor Abbove held a meeting with 120 wealthy families, all had the same tale of woe, unable to grasp the complexity of their money and getting little help from their private bankers. Abbove set out to create a platform to let them do just that.

The government is prepared to take drastic measures to reduce the nitrogen produced by livestock. But as farmers resist being pushed out of a profitable sector, the dispute demonstrates the cost of turning climate agendas into a race to cut emissions as quickly as possible.

The market is awash with speculation over what Credit Suisse might do in its latest strategic reset, and what the future is for its perennially underperforming investment bank. But as talk mounts of radical cuts to come in that division, the real challenge lies elsewhere.

Banks may soon match energy companies for political unpopularity – posting soaring profits, even as customers struggle with the cost-of-living crisis, and higher interest rates. To safeguard their long-term interests, banks need to show much greater social awareness in their actions.

One of the architects of Deutsche Bank’s corporate and investment bank leaves a complex legacy.

With more than 220 million homes to renovate, banks must provide the necessary funding to avoid being left with non-compliant housing assets. But a lack of standardized data on energy performance certificates makes it difficult to justify lending to some homeowners.

The European Central Bank has made it clear that it would look favourably on big bank mergers to create stronger pan-eurozone lenders. But M&A between large lenders in different eurozone states is still stalling through financial and political fragmentation – despite hopes for a closer union after Brexit and the war in Ukraine.

UK regulators have pushed big banks to establish an innovative form of payment that could leave fintechs struggling.

Getting rid of Natixis’ minority shareholders has helped the investment bank use the strength of mutual group BPCE’s balance sheet, says divisional leader Nicolas Namias. There are some signs it’s making a positive difference.

The European Central Bank has gone out of its way to encourage cross-border mergers that might strengthen the single market in banking. Supervisory board member Edouard Fernandez-Bollo tells Euromoney that this could include mergers between large institutions.

While Germany fires up its coal-burning power stations once more, it’s almost as if the country itself is protesting.

If Russia stops the gas this winter, the damage to European banks will be worse than Covid, and Germany will be at the centre of the storm.

HSBC’s interim result shows that banks are drawing a line under pandemic-related provisions, while simultaneously setting aside new ones for the disease’s economic cure. All banks must make this transition, but HSBC has other things to worry about besides: a campaign from China’s Ping An to split the bank in half.

UK policymakers are trapped between reducing inflation and boosting the flagging economy.

A new chairman and chief executive at the Swiss bank once again struggle with how to build an investment bank for tomorrow from one that is floundering badly today.

Corporate bond deals in euros are now a rarity as issuers and investors struggle to judge the new price of credit.

While ING is paring back the retail-banking ambitions held dear by former CEO Ralph Hamers, sustainable finance is helping the wholesale bank become a growth engine for the group.

Markets welcome surprise 50bp hike but question new bond-buying programme and ECB’s capacity to judge spread widening as unwarranted.

Raffael Gasser is a hybrid: part Zurich wealth manager, part Silicon Valley disruptor. He was tasked with crunching data to serve ‘classic’ PB customers who sit just below the ultra-wealthy segment and are often, curiously, overlooked. Here is how he got on.

Supply-chain disruption has driven up corporate stock holdings. Firms may move excess inventory off balance sheet.

The International Chamber of Commerce is confident the UK Centre for Digital Trade & Innovation will spur standards.

Banks want to capitalize on the surge in green capex borrowing as corporates rush to decarbonize. Cost inflation has increased the risks involved but not the long-term benefit of carbon reduction.