A lengthy, post-stimulus grind of deleveraging is the most likely model for the world economy in the immediate future. This heralds some years of balance-sheet restructuring.

US regulators face a struggle in enlisting China to stamp out stock frauds.

The collapse in fixed-income revenues at Goldman Sachs in the second quarter might accelerate the war of succession between rivals for the role of next chief executive.

Goldman’s bottom-of-the-class second-quarter trading performance has sparked renewed speculation about the succession to chief executive Lloyd Blankfein.

Under pressure on interest rate policy; A critic of growing government debt

Potential market hit hard; Market impetus moves to investor pull

Sovereign debt crisis increases client demand for research; Pending capital requirements push banks to advice-based model

The biggest issue hindering the growth of the Gulf’s debt capital markets is the lack of a thriving local institutional investor community, says the head of the region’s leading fixed-income trade body.

Both local and international players are trying to break into a growing onshore private banking market in the Middle East. In the second part of Euromoney’s roundtable on this market, participants discuss how they are managing to attract and retain relationship managers, how they intend to grow their businesses, and how best to advise clients on risk.

JPM expands into Europe as other firms add heads; Optimism for hedge fund industry growth

If the Obama administration and the rating agencies are to be believed, the US is looking down the barrel of its first ever default. Yet yields on treasuries continue to set new lows and the dollar remains relatively stable. This paradox reflects the fact that investors don’t yet believe the hype about the consequences of a ceiling breach. Joti Mangat reports.

Mark Johnson looks at an updated version of a classic work on the origins and development of Europe’s single currency.

Sovereign stress might limit refinancings; Covenant threat from revolvers

Issues $500 billion international bond; Raises $1.6 billion for private equity fund

Footballers. Models. Cultural icons. The Portuguese player Cristiano Ronaldo and the Brazilian Ricardo Kaká have been called many things throughout their career, but thanks to the newly listed Bankia, they each have a brand-new title: bank collateral. The Spanish bank Caja Madrid helped to finance Real Madrid’s purchase of Ronaldo from Manchester United and Kaká’s transfer from AC Madrid with a loan of €160 million in 2009. Caja Madrid has since merged with six other Spanish savings banks to form Bankia, which now owns Real’s debt.

Russian lender takes advantages of banking woes; Foreign banks under pressure in Russia

Banks find it difficult to square governments’ pressure to increase lending with governments’ parallel pressure to reduce bank risk .

Loan write-off legislation delayed; Banks “too cautious”, analysts allege