Antony's Feed
Jul 22, 2014
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Goldman chums return John Thain to semi-importance

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

John Thain is returning to significance with a little help from some former Goldman Sachs colleagues. Thain has been doing penance running lending minnow CIT for the past four years after serving as Merrill Lynch’s last boss. Now he’s spending $3.4 billion to buy OneWest Bank, which is owned by, among others, a gaggle of Goldman alums. The deal manages to bring CIT, and Thain, back into the club of systemically important financial institutions, if just barely.

Jul 16, 2014
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BofA stuck in a low-profitability trap

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Bank of America is stuck in a low-profitability trap. Several businesses at the Charlotte, North Carolina-based bank actually put in a good showing for the second quarter. The trouble is, BofA as a whole is still struggling to churn out solid earnings – even after aggressive cost-cutting.

Jul 3, 2014
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Quickie stock sales toy with Volcker Rule spirit

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By Antony Currie 

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.  

Investment banks are using quickie stock sales to toy with the spirit of the Volcker Rule. Wall Street sold some $23 billion of equity block trades for public companies in the first half of the year, according to Thomson Reuters data. That’s almost as much as initial public offerings have raised. These deals are a handy tool for corporations. But at times investment banks blur the line between capital-raising and banned proprietary trading.

Jun 17, 2014
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Medtronic-Covidien is blast from M&A advisory past

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Investment bankers had a rude awakening over the weekend. A mega-merger like the $43 billion cash and stock tie-up Medtronic and Covidien announced on Sunday often provides a feast for a raft of advisory firms. Not this time. The two medical devices companies are only using one each.

Apr 17, 2014
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Morgan Stanley gets most relief from first quarter

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Few banks have reported much to crow about in their first-quarter earnings. But Morgan Stanley can claim relief, at least, from the $1.45 billion in net income it unveiled on Thursday. Chief Executive James Gorman presided over a far better start to the year than in 2013, including bucking the Wall Street trend in fixed-income trading. More importantly, Gorman looks closer to hitting targets than rivals like Bank of America and Citigroup.

Apr 17, 2014
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Morgan Stanley gets most relief from first quarter

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Few banks have reported much to crow about in their first-quarter earnings. But Morgan Stanley can claim relief, at least, from the $1.45 billion in net income it unveiled on Thursday. Chief Executive James Gorman presided over a far better start to the year than in 2013, including bucking the Wall Street trend in fixed-income trading. More importantly, Gorman looks closer to hitting targets than rivals like Bank of America and Citigroup.

Apr 17, 2014
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Morgan Stanley gets most relief from first quarter

Photo

By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Few banks have reported much to crow about in their first-quarter earnings. But Morgan Stanley can claim relief, at least, from the $1.45 billion in net income it unveiled on Thursday. Chief Executive James Gorman presided over a far better start to the year than in 2013, including bucking the Wall Street trend in fixed-income trading. More importantly, Gorman looks closer to hitting targets than rivals like Bank of America and Citigroup.

Apr 16, 2014
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BofA loss provides valuable mega-bank perspective

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Anemic results underscore how little fun it is to run a mega-bank these days. A $276 million loss from Bank of America announced on Wednesday, however, at least provides some valuable perspective.

Apr 16, 2014
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BofA loss provides valuable mega-bank perspective

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Anemic results underscore how little fun it is to run a mega-bank these days. A $276 million loss from Bank of America announced on Wednesday, however, at least provides some valuable perspective.

Apr 14, 2014
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Citi looks perfectly priced – for more mediocrity

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Citigroup’s stock looks perfectly priced – for more mediocrity. The mega-bank’s $3.9 billion first-quarter profit was no disaster. Unlike JPMorgan, the firm run by Michael Corbat beat analysts’ estimates. Its bad bank, Citi Holdings, is no longer much of a drag. And the bank even managed to utilize a chunk of its substantial tax breaks and thus boost capital. For now, though, shareholders don’t have much more to cheer about.

    • About Antony

      "Antony Currie has more than a decade of experience as a financial journalist, having worked with Euromoney since 1996, most recently as a U.S. editor. He has worked on assignments in the major financial centers of Europe and the U.S. and written stories on capital markets, global economies and the investment banking industry. He holds a bachelor's degree in German language and literature and a master's degree in politics and international relations from the University of Bristol."
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