Commerzbank To Cut Over 100 Bankers In NYC

Over the past few months we have witnessed massive cost cutting efforts (ie: firing of bankers) by many firms, Goldman, BAML, Nomura and RBS to name a few. Now it's time to add Commerzbank to the list of firms that need to fire people in order to try and cut enough costs to maintain earnings amid slumping revenues.

European Dead-Cat-Bounce Dies - Big Banks End Lower

Well that didn't last long. With hopes of a face-ripping ride higher this morning as Draghi jawboning lifted bank stocks and Cable, the bounce was nothing but an opportunity for sellers to escape at better prices. While Deutsche eked out a tiny gain, RBS, Unicredit, Credit Suisse, and UBS all tumbled to end the day red...

Pound Plummets To New Lows; 10Y Gilts Slide Under 1%; British Banks Halted After Crashing

Things are going from bad to worse for the UK. "We’ve seen so many developments around Brexit over the weekend since the FTSE closed and things are now looking even more concerning," Angus Nicholson of IG Ltd., said. "It’s hard to have any idea about where fair value for the pound should be when you look at the fact that Scotland and Northern Ireland could no longer be part of the U.K. within the next year or two."

Brexit: All The Latest News, What Happens Next And How To Trade It

Sterling drops, banking stocks tumble and peripheral EGB and credit spreads widen after the U.K.’s vote to leave the EU; verbal and direct intervention by central banks help currencies off earlier lows. U.K. PM David Cameron has resigned, announcing there needs to be a new prime minister in place by October.

More Banker Layoffs: RBS To Cut Another 900 Jobs

Bank layoffs are now coming at a rapid pace in what is a clear sign of desperation by the firms to cut costs enough to keep shareholders happy as NIRP continues to hammer bank profits.

Don't Expect Much From Yellen's Speech Today

Anyone hoping for some clarity on the Fed's next steps from Yellen's speech later today, don't hold your breath. If anything, Yellen will do more of the same, which as BofA summarizes, is the following: "It is fair to say that many clients are a bit confused and frustrated with Fed communication. The Fed seems to be constantly changing its focus from one meeting to the next. They seem to regularly promise hikes, only to back off at the last second."

Frontrunning: May 13

  • Nerves dominate before U.S. retail numbers (Reuters)
  • Stocks Give Up Week’s Gains as Commodities Fall; Yen, Bonds Rise (BBG)
  • Apple Invests $1 Billion in Didi, Uber’s Rival in China (WSJ)
  • Dollar hits two-week high, posts best fortnight since February (Reuters)
  • OPEC Sees Rival Oil Production Declining as Markets Rebalance (WSJ)
  • Trump on best behavior as he woos Republicans but differences remain (Reuters)

A Terrible Start To 2016 Turns Absolutely Brutal For Odey Who Refuses To Stop "Fighting The Fed"

what until now was merely a terrible start to the year has turned absolutely brutal for Odey's European fund, which is now down nearly a third, or 31%, in the first four months of the year, wiping out almost half a decade of trading profits in his flagship hedge fund in less than four months. Is he ready to throw in the towel? Not even close: the billionaire who delights in fighting the Fed, is convinced he will have the last laugh: "The disconnect between travelling and arriving may be coming home to roost. It will make the retreat from Moscow appear painless."

U.S. Futures Jump In Tandem With Soaring Italian Banks On Hopes Of Government Bailout

it has been a rather quiet session, which saw Japan modestly lower dragged again by a lower USDJPY which hit fresh 17 month lows around 170.6 before staging another modest rebound and halting a six-day run of gains; China bounced after a slightly disappointing CPI print gave hope there is more space for the PBOC to ease; European equities rose, led by Italian banks which surged ahead of a meeting to discuss the rescue of various insolvent Italian banks, while mining stocks jumped buoyed by rising metal prices with signs of a pick-up in Chinese industrial demand.

Japan Says G-20 Accord Barring FX Devaluations Does Not "Rule Out Intervention" In The Yen

Earlier today, Japan's government spokesman Suga came as close as possible to admitting that there was in fact a tacit "Shanghai Accord" agreement when he said that the Group of 20's agreement to avoid competitive currency devaluation "does not mean Japan cannot intervene in response to one-sided currency moves." It got better: in an interview with Reuters Suga added that Japanese Prime Minister Shinzo Abe's comment to the Wall Street Journal last week that countries should avoid "arbitrary intervention," was misunderstood and does not rule out intervention for Japan, Suga said.