Deutsche Bank on Wednesday posted a pre-tax profit of €908 million for the first three months of 2020 – its best quarterly performance in seven years, and a notable increase on its profit of just €66 million for the same period in 2020. Profits rose across all of the bank’s core divisions, though its investment
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UBS reported on Tuesday a net income of $1.8 billion for the first quarter, revealing that it had taken a considerable hit to earnings from the collapse of Archegos Capital Management. The Swiss bank said that it had taken a $774 million hit to revenue as a result of Archegos’s default earlier in the quarter.
Credit Suisse on Thursday reported a net loss of 252 million Swiss francs ($275 million) for the first quarter following the implosion of US-based hedge fund Archegos Capital. The bank reported that the loss reflected a “significant charge with respect to the US-based hedge fund matter in 1Q21 (first quarter), offsetting positive performance across wealth
The FTSE 100 rose on Wednesday, rallying after a mass sell-off led to a 2% fall in the previous session. The index rose 0.6%, lifted by oil giants BP Plc’s and Royal Dutch Shell’s respective gains of 2.0% and 1.7%. The surge followed a report from Azerbaijan’s energy ministry said BP’s oil output reached 5.9
UK banks and insurers have shifted thousands of jobs and over £1 trillion in combined assets out of the UK and into European Union hubs due to the impact of Brexit, a new study has confirmed. According to research from think tank New Financial, more than 440 firms in the UK banking and financial services
Bitcoin and Ethereum fell during Tuesday trading, extending a price decline that began last week, while joke cryptocurrency Dogecoin rallied further after a record surge. Bitcoin was down 4.6% by 9.20 AM in London, while Ethereum was down around 5.3%. The world’s two most highly valued cryptocurrencies were trading at $54,763.19 and $2,134.70 respectively. Meanwhile,
JPMorgan confirmed on Monday that it is financing the nascent European Super League, a breakaway group featuring 12 of Europe’s biggest football clubs that threatens to shake up the sport. Six Premier League teams – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur – are involved in the deal, alongside AC Milan, Atletico
China’s economy grew a record 18.3% in the first quarter of 2021 compared to the same period in 2020, new data has shown. Growth was also up from 6.5% in the fourth quarter of 2020. The results mark the biggest jump in Chinese GDP since quarterly records began in 1992. However, the economy’s growth fell
JPMorgan Chase & Co said on Thursday that it will commit $2.5 trillion towards sustainability and development initiatives over the next decade. $1 trillion of the pledged funding has been earmarked solely for investment in green projects, including renewable energy and clean technologies. The $2.5 trillion target for investment, which begins in 2021 and will
Coinbase, the US’s largest cryptocurrency exchange, reached a valuation of over $100 billion on its first day of public trading on Wednesday. The company was valued at $99.6 billion when trading opened, with stocks priced at $381 apiece. This price would later fall to $328.28, but not before reaching the $100 billion milestone. Read More
