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Incoming CEO Tidjane Thiam is inheriting a mixed bag. First-quarter net profit surged 23 pct as trading and wealth management shone. But underwriting and M&A revenues fell, and risk-weighted assets remain high. The Swiss bank needs more capital and less investment banking.

Daiichi Sankyo scrubs out Indian M&A nightmare

Last year the Japanese firm folded its stake in troubled Indian drugmaker Ranbaxy into local rival Sun Pharma for 40 pct less than it paid in 2008. A share rally means Daiichi has recovered its losses on the seven-year misadventure. It shows the power of appropriate ownership.

Morgan Stanley Q1 rivals Goldman by different path

James Gorman’s firm had its best quarter in years. Its Wall Street competitor still has the edge with returns and book value growth. By one key metric, though, investors value Morgan Stanley more highly. Gorman’s strategy, which downplays volatile trading, is starting to pay off.

EU migration policy is economically short-sighted

For many desperate and poor people, Europe is the nearest safe place to go to make a living. A sensible migration policy would recognise the region’s international appeal and manage the reality. But inward-looking politics make for bad economics and heighten the risks to life.

China's road to West is paved with bold intention

President Xi Jinping is expected to sign off on a $46 billion corridor between Western China and Pakistan. The transport link may end up as a security nightmare. But the lure of bringing Europe closer and countering India’s clout in South Asia makes it a tempting idea.

Deutsche should limit retail selloff to Postbank

The German lender’s strategy review has narrowed down to selling part or all of its retail business. A wholesale-only Goldman Sachs equivalent would be more profitable, but less stable. Deutsche would be better off staying a universal bank - but cutting a lot more cost.

Sliding prices vindicate China's growth worries

New moves to get banks lending more show the authorities are worried that growth may miss the official target of 7 percent. Look closer at what’s happening to prices and there is good cause. China’s slowing growth is close to being too slow.