Antony's Feed
Jan 15, 2015
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Volatility is the new weather for Citi and BofA

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By Antony Currie 

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

Volatility is the new weather for the likes of Citigroup and Bank of America. The two mega-banks joined JPMorgan in blaming market ups and downs for crimping trading revenue and thus hurting overall earnings. That’s rich after years of claiming conditions were too docile. It doesn’t mask the deeper problem the lenders have, either.

Jan 12, 2015
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Tech steering carmakers down valuation dead end

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By Antony Currie and Olaf Storbeck

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Carmakers are on something of a roll as they convene in Detroit. In the years to come, however, technology could make the ride rougher.

Jan 5, 2015

Breakingviews: Water woes could open taps on corporate risk

By Antony Currie

NEW YORK (Reuters Breakingviews) – Water is set to become a
more serious risk for companies and investors. It’s already
recognized. World Economic Forum attendees named H2O a top-three
risk two years running. And two-thirds of the world’s largest
companies worry about how constraints may affect their business,
according to environmental research firm CDP. Few, though, are
well prepared for problems. That is set to change.

A few high-profile droughts have helped shake off some
complacency. Taps in Brazil’s Sao Paulo may run dry as early as
March. California’s supply is low after three years of scarce
precipitation. The likes of Illinois and Indiana are starting to
use their relative abundance of water to lure companies to their
states.

Jan 5, 2015
via Breakingviews

Water woes could open taps on corporate risk

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By Antony Currie

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

Water is set to become a more serious risk for companies and investors. It’s already recognized. World Economic Forum attendees named H2O a top-three risk two years running. And two-thirds of the world’s largest companies worry about how constraints may affect their business, according to environmental research firm CDP. Few, though, are well prepared for problems. That is set to change.

Dec 24, 2014
via Breakingviews

JPMorgan soul-baring cuts room for error

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By Antony Currie

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

JPMorgan is following Goldman Sachs’ lead by baring some of its soul. The bank run by Jamie Dimon last week unveiled a 96-page publication entitled “How we do business: The report.” Like its rival’s business standards review almost four years ago, the volume is laden with PR-speak, along with some worrying admissions and much-needed improvements.

Dec 24, 2014

Breakingviews: JPMorgan soul-baring cuts room for error

By Antony Currie

NEW YORK (Reuters Breakingviews) – JPMorgan is
following Goldman Sachs’ lead by baring some of its soul.
The bank run by Jamie Dimon last week unveiled a 96-page
publication entitled “How we do business: The report.” Like its
rival’s business standards review almost four years ago, the
volume is laden with PR-speak, along with some worrying
admissions and much-needed improvements.

The idea for the report came from on high, in a manner of
speaking – not from Dimon’s office, but from shareholders led by
the Sisters of Charity of Saint Elizabeth. In recent years this
group has pushed banks like JPMorgan and Bank of America
to improve practices in corporate governance and disclose more.

Dec 18, 2014

Breakingviews: James Gorman can leave Brian Moynihan in slow lane

By Antony Currie

NEW YORK (Reuters Breakingviews) – James Gorman will leave
Brian Moynihan in the slow lane in 2015. It’s the year the
chairmen and chief executives of Morgan Stanley and Bank
of America, respectively, mark five years in charge of
the two global banking powerhouses. Neither has had an easy time
of his first half-decade. Gorman, though, looks on track to lead
his firm’s return on equity back above 10 percent.

It’s an important goal, representing the point at which
large banks comfortably cover their weighted average cost of
capital. Some six years after the worst of the financial crisis,
though, it’s also a pretty humdrum one. Moynihan has, of course,
had to shell out more than $60 billion to cover legal fees and
to buy back dud mortgages. Gorman, meanwhile, has had to
overhaul both trading and wealth management. And both, along
with the rest of the industry, are adapting to new regulations.

Dec 18, 2014
via Breakingviews

James Gorman can leave Brian Moynihan in slow lane

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By Antony Currie

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

James Gorman will leave Brian Moynihan in the slow lane in 2015. It’s the year the chairmen and chief executives of Morgan Stanley and Bank of America, respectively, mark five years in charge of the two global banking powerhouses. Neither has had an easy time of his first half-decade. Gorman, though, looks on track to lead his firm’s return on equity back above 10 percent.

Dec 16, 2014
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Jefferies closes annus horribilis on wicked downer

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By Antony Currie

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

Jefferies closed its annus horribilis on a wicked downer. The Wall Street securities firm lost $93 million in its fiscal fourth quarter as revenue slumped by 43 percent. For much of the period, the firm was in the news because of the very public proceedings of senior banker Sage Kelly’s divorce. Boss Richard Handler says the financial impact of Kelly-gate was “immaterial” to the bottom line.

Dec 10, 2014
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Billy Salomon dies as his trading era returns

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By Antony Currie

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

Billy Salomon has passed away at 100 just as the trading era he ushered in is returning. As boss of his father’s eponymous firm in the 1960s and 1970s, he turned Salomon Brothers from a U.S. Treasuries shop into, among other things, a bonds powerhouse. All the while, though, he kept a handle on risk and an eye on what was best for the client.

    • 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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