Western Europe

Barclays chief executive CS Venkatakrishnan intends to stop a low-returning investment bank from dragging the rest of the group down with it. He argues that most of the improvements are within the bank’s own grasp. That is debatable, and in any case hardly reassuring.

The UK government’s impending sale to retail investors of a big stake in the bank informs the shadow-play guidance on this year’s earnings.

Corporates continue to exhibit worrying levels of complacency when it comes to the implications of rate rises for their bottom line.

Extracting value from Russia via a stake in Strabag previously owned by Oleg Deripaska shouldn’t be confused with a proper disentanglement from Russia by Raiffeisen. The main impetus for the transaction may, in fact, lie with Deripaska and Strabag’s other shareholders.

Trade-receivables securitization transactions are flourishing as corporates seek more affordable access to long-term financing.

Banks need to start quantifying the legal risks of both climate action and inaction.

It is not hard to find short-term worries over global markets’ state of readiness for the US’s transition to one-day settlement in late May. But even if the UK, Europe and those Asian markets still using two-day settlement can adapt to the shift in the longer term, they will also face intense pressure to lessen their dislocation from the US cycle by copying its move. Many also fear the ultimate end-game of same-day or even instant settlement.

The Sino-Swiss corridor, set up to encourage Chinese firms to sell global depositary receipts to international investors in the European state, took off fast in 2022. But a host of challenges, from Chinese regulatory concerns to an apparent lack of global interest, has stalled its progress.

The midcap broker needs new business lines to survive a prolonged IPO drought.

Record regional bank profits, plus strong capital ratios in Western Europe, have fuelled hope for more bank acquisitions in Central and Eastern Europe. The uncertain effect of recent court rulings on Swiss franc mortgages, however, is a big obstacle to deals in Poland.

Corporates are adopting a variety of approaches to mitigate the impact of uncertainty in foreign exchange markets caused by divergence in economic policy and performance.

They already dominate the investment banking business in Europe, and now the leading US banks have their eyes on an even bigger prize. They see their vast investments in the digital technology transforming payments and transaction services and their retained global presences as the keys to winning even greater revenues from Europe’s midsize corporates.

Appealing to issuers by removing investor protections makes no sense when London’s decline as a listing venue stems from domestic investors abandoning the UK market.

Collaboration between national banks has seen widespread adoption of mobile payments schemes. The French and German-led approach of focusing on a single European scheme could therefore be seen as a distraction. But is it the only real way of keeping US payment companies at bay?

The London Stock Exchange Group’s head of sustainable finance strategic initiatives wants climate data to redefine the act of indexing.

Ambitious brokerage firms have precipitated a shift in demand for FX licences, with interest in regulated European and Asian markets on the increase at the expense of offshore jurisdictions.

After overseeing radical transformations at Bawag and Hamburg Commercial Bank, Cerberus Capital Management now has ultimate control of HSBC’s French retail bank. Former UniCredit banker Niccolò Ubertalli is running the new business, and reveals a very different strategy to the private equity company’s German-speaking antecedents in European banking.

Outgoing supervisory chair Andrea Enria warns against ‘complacency’ – despite higher capital ratios at eurozone banks – as he announces new requirements on banks to tackle investment-banking leverage, liquidity shortages and leveraged finance risks.

The chief executive of Newton Investment Management is a forthright believer in the power of active investors to effect change at the companies they invest in, and thinks tinkering with market rules is unlikely to boost the appeal of London-listed equities.

Many corporates are realising the benefits of intercompany netting on FX risk, trading and cash-flow visibility.

Barclays hopes to win over investors with new return targets and buyback commitments next February, but it really needs a revival in investment banking.

Regulators are starting to take a more messaging-based approach to sustainable finance, but stopping greenwashing won’t automatically lead to a transition to net zero.

The Signa Group of companies is complex, but its problems are simple: debt service costs are going up while property values are going down.

More and more bond trading is automated. As volatility now shifts from rates to credit that will provide a stern examination of new trade execution tools.

The overall use of cash will continue to fall, but the decline of bank branch networks means that businesses now face a headache in handling physical takings.

When Kevin Gartside was medically discharged from the British army in 2012 after three tours of duty in Iraq, he was unsure what to do next. He saw cross-over appeal in banking, an industry with a surprisingly flat operating structure that prizes punctuality, teamwork, adaptability and decision making.

Standard Chartered’s corporate and institutional bank can increase its profitability even when rates fall, divisional head Simon Cooper tells Euromoney. After reaping the benefit of investments in cash management, he is now turning to the financial markets business, especially credit – reinforcing efforts to grow clients in Europe and the Americas.

Competition for deposits is influencing pricing decisions on commercial loans. However, the major cash-management banks insist that they have maintained both deposit levels and lending rates.

The war in Ukraine has suddenly ramped up demands on the European Bank for Reconstruction and Development after the institution spent years searching for a new role. President Odile Renaud-Basso talks to Euromoney about the bank’s strategy and plans to boost its capacity through a €4 billion capital increase.

Enel could trigger the largest step-up event in the sustainability-linked bond market if it misses its CO₂ emissions targets at the end of this year. How the market reacts will set the tone for the future of these instruments.