Julius Baer fares worse than UBS and CS; small private banks’ M&A escape hampered.

"Why not just give us one piece of paper saying banks can’t trade fixed income derivatives on a non-clearable basis?"

We at Euromoney would never claim credit for Romania’s dramatic 25 year shift from the deepest, darkest communism of the Ceausescu era to today’s EU membership and its knocking at the euro’s door, but we’ve been fascinated to learn we’ve had a modest role in its economic transformation.

In Euromoney’s December 2014 issue, we described in detail how Bank Asya had become a political football in Turkey. Politics and banking now seem to have combined to create a row in Turkey’s football community as well.

Brazilian bank Bradesco opens its London office on February 9. A small delegation of senior bankers from the bank’s Brazilian headquarters will fly over to mark the occasion.

The news that Abu Dhabi’s International Petroleum Investment Company has secured naming rights to Real Madrid’s home ground – turning it into the Abu Dhabi Santiago Bernabeu – represents an interesting branding exercise. Sovereign wealth funds rarely seek brand recognition: usually quite the reverse.

Everyone was a little nervous at the contents of the first inquiry into the nation’s financial services industry in over 25 years. It isn’t as traumatic as most feared, but it leaves some important issues unanswered.

Tax reforms from Chile’s new, left-leaning government are having an unsettling effect on the economy, which is also suffering from a plummeting copper price. The country’s new president is looking next to tackle inequality with further reforms, but as a result the pressure will ratchet up its strong credit rating.

While finance ministers come and go, one man has been a figure of constancy for the nation’s economy: central banker Mugur Isarescu. He has created a fully functioning central bank in a market economy from the shell of a communist regime. With inflation under control and the exchange rate stable, what is his next challenge?

Standard Chartered’s PR machine does not seem to be helping turn the bank’s story around at a critical time for CEO Peter Sands.

Europe’s great disintermediation is stalling. Yield-hungry institutional investors are driving demand for loans at the riskier end of the credit spectrum. Banks, pumped with ECB-printed liquidity and desperate to put their capital to work, are getting off the fence. It could be music to Mario Draghi’s ears. But is a sudden turn away from the bond markets, at increasingly aggressive lending rates, what Europe really needs?

The eurozone’s economic fortunes should start to recover with the arrival, at last, of full-blown quantitative easing. As the world’s leading currencies are set for a race to the bottom, it could be time to buy gold.

Nothing appears more contrarian than going long the Russian rouble and short the Swiss franc. But investing in Greek banks may be up there too.

Is Deutsche Bank contemplating a secret Götterdämmerung trade that would hive off sections of its investment bank and offer senior executives an escape route?

The falling oil price has hit oil exporters hard, especially in Africa. But the region has three strengths that should protect its capital markets from the current crisis.

Bond investors may need to travel down darker paths to cope with reduced secondary market liquidity.

How can Caesars Entertainment have an equity value of $2 billion while its bankrupt operating subsidiary owes creditors $18 billion?

On January 8, Santander took a volatile equity market by surprise, raising €7.5 billion ($8.9 billion) through an accelerated bookbuild, the largest such deal on record in the European equity capital markets.

Ana Botín has revamped the board of Santander, appointed a new management team and overseen a large and market-testing equity raise that reverses the capital-light policy of her father. Four months into the job, the new executive chairman now has the biggest challenge of all in her sights: achieving strong growth in a banking sector notable for its almost total absence

Central bank targets dollarized liabilities; banks will need higher reserves for dollars.

Pioneering WeBank launches; China set to lead industry.

Haitong adds to trend with BESI deal; further opportunistic moves on way.

The job of the CIO, now intrinsic to wealth management, has become more challenging. Not only for the visibility of the calls they make, but because central banks seem to shift policy on a dime while geopolitical risk appears to be increasing. Euromoney interviews 10 CIOs of leading global private banks.

The playing field in private banking has levelled out and the US banks committed to a global business now compete on even terms with the Swiss. From here on it will be technology and superior asset allocation advice that determine the winners.

Local private banks in Asia are starting to make inroads into the top end of the business, but most are still struggling to build a regional presence.

The slow and steady rise of high net-worth individuals across Africa has piqued the interest of wealth managers. But who has the upper hand – regional players close to their clients, or global names with solid reputations?

Top-level results

Known for his dedication and leadership style, Phil Di Iorio has taken JPMorgan Private Bank to the top of the rankings and is Euromoney’s top private banking CEO of the year.

The private banking industry in Latin America had a difficult 12 months as wealth creation slowed throughout the region. The picture for the year ahead looks brighter for some countries, but Brazil remains the dominant market and its prospects are still murky.

Busy market set to get more crowded; independent players step up.