Antony's Feed
Oct 16, 2014
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Goldman pulls every lever to make machine run

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By Antony Currie

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

Goldman Sachs pulled every lever to ensure its machine ran properly over the summer. The bank earned $2.1 billion in the three months to September, blowing past Wall Street expectations. Its dealmakers and traders played their part, as did the firm’s own investments. The real fillip, however, to the bank’s annualized 11.8 percent return on equity came from socking away less for pay.

Oct 14, 2014
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Jamie Dimon returns to challenges old and new

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By Antony Currie

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

Jamie Dimon is back in the saddle after battling cancer – just in time for the JPMorgan boss to face challenges old and new. Overall results in the third quarter released on Tuesday missed estimates thanks to rising costs. The group’s investment bank is punching below its weight. Cybersecurity is a growing worry. Even the timing of the bank’s earnings was off.

Oct 8, 2014
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Traders need help to make Wall Street shine

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By Antony Currie

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

Wall Street’s fixed income trading desks welcomed a rare return of volatility. It probably hasn’t been enough, though, to ensure decent profitability for Goldman Sachs, JPMorgan and Morgan Stanley in the quarter just ended. They’d need to generate up to $12 billion of extra revenue among them trading bonds, foreign exchange and commodities to achieve a return on equity of 15 percent.

Oct 2, 2014
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BofA delivers good governance a kick in the teeth

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By Antony Currie

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

Bank of America has just delivered good governance a solid kick in the teeth. The mega-bank announced late Wednesday that its directors have voted to add the chairmanship to Brian Moynihan’s duties as chief executive. The move not only puts too much power in one person’s hands, it also reduces the position to little more than a perk to be granted or taken away, depending on performance.

Sep 8, 2014
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RBS puts lipstick on Citizens for $14 bln IPO

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By Antony Currie

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

Royal Bank of Scotland is applying a fair amount of lipstick to its U.S. unit ahead of a planned initial public offering. Citizens Financial is worth up to $14 billion, based on the price range of $23 to $25 a share set on Sept. 8. Like the leaders of its home nation, RBS is painting too pretty a picture of life after independence.

Sep 4, 2014
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LendingClub IPO mixes disruption with confusion

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By Kevin Allison and Daniel Indiviglio

The authors are Breakingviews columnists. The views they express are their own. 

LendingClub is positioning itself as one of the biggest challengers to American banks. The company is growing quickly, has backing from the likes of Google and lists former Morgan Stanley boss John Mack and ex-Treasury Secretary Larry Summers among its directors. It’s also planning an initial public offering. But there are reasons to be cautious.

Jul 25, 2014
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Memo to Wall Street: more Ace Greenberg please

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By Antony Currie

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

Wall Street needs more leaders like Alan “Ace” Greenberg. The onetime Bear Stearns boss, famed for his pithy missives to staff, died on Friday. He was 86. Though he was no longer in charge, the firm’s 2008 collapse is a notable blemish on an otherwise illustrious career. The industry could use more of Greenberg’s scrappy PSD: poor, smart and driven.

Jul 25, 2014
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Goldman’s new lead director better as chairman

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By Antony Currie

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

Goldman Sachs has found the right man for the half-right job. The bank tapped Adebayo Ogunlesi to be its new lead director. The former head of client coverage for Credit Suisse might not be the most obvious candidate. For example, he has never led a public company. On balance, though, he’s a good choice. If only Goldman saw fit to call him chairman.

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.

    • 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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