Deutsche Bank’s determination to be the last European in the upper echelons of global investment banking is an expensive waiting game for investors.
Germany’s flagship lender is holding its ground against U.S. leaders such as JP Morgan and Goldman Sachs in revenues, but its returns are trailing because it was not as quick to restructure and recapitalise in the wake of the financial crisis.
European rivals such as UBS UBSN.VX and Barclays have seen their revenues fall as they have shrunk their bond trading desks, but their returns are in better shape.
The Federal Reserve’s vow to keep interest rates near zero for a “considerable time” is likely to remain in place for now, with the U.S. central bank set to take a slow and steady approach to its first rate rise in a decade. The pledge will be up for debate again when policymakers meet next week, with a strong jobs report bolstering the case of officials who want to remove it.
AutoZone Inc , the second-largest U.S. auto parts retailer, reported a higher-than-expected quarterly profit, helped by lower gas prices and colder-than-usual weather that encouraged customers to ready their cars for a harsh winter.
AutoZone’s shares rose 3.3 percent in premarket trading.
UFOMBA UZUEGBU, Asst News Editor
Pharmaceutical Society of Nigeria, PSN, has called on the Nigeria Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, counterpart, to join forces with striking health workers on the aegis of the Joint Health Sector Unions (JOHESU) to compel government at all levels to meet their demands.
PSN also decried the Federal government’s alleged lukewarm attitude to the nation’s health sector.
Citigroup Inc will record $2.7 billion in additional legal costs and another $800 million of repositioning charges in the fourth quarter, Chief Executive Officer Mike Corbat said yesterday.
Corbat, speaking at an investor conference in New York, said the legal costs stemmed from investigations into foreign exchange trading, setting of LIBOR interest rates and compliance with rules against money laundering.
THE Port Harcourt Golf Club has commended Heritage Bank for its support for the development of the game of golf in Nigeria.
The club made the assertion at the closing ceremony of the three-day 2014 Port Harcourt Amateur Open Golf Championship now called the Heritage Cup.
GUARANTY Trust Bank plc (GTB) said it has emerged winner of the 2014 Enhancing Financial Innovation & Access (EFInA) award for enhancing access to financial services among Nigerians, especially the low income population and being a leader in facilitating an all-inclusive financial system.
TOWARDS providing government the required information for planning, National Bureau of Statistics (NBS) said it has concluded plans to conduct a nationwide survey of Micro, Small and Medium Enterprises (MSMEs) in the country.
AS the 2014 financial year is gradually coming to an end, industry watchers have expressed optimism in the Nigerian banking industry saying regulators and sectoral leaders are well positioned to deal with issues of fraud at all level.
One of the measures aimed at curbing the increasing level of fraud in the nation’s financial services sector includes the Bank Verification Number (BVN) recently introduced by the Central Bank of Nigeria (CBN).
It was sweet home-coming for winners of the 2014 edition of the Etisalat Pan-African Prize for Innovation, as the two winners, Anthony Oniwon, developer of Exammate Application, and Abdulganiyu Onabanjo the developer of Interactive Media Interface Design, were presented with their prizes at a reception held at the Intercontinental Hotel in Lagos.