Steve Slater is associate editor of International Financing Review based in London and is responsible for the People & Markets section. Steve has worked for Thomson Reuters since 2001. He joined IFR at the start of 2016 after a decade covering European banks for Reuters, including the financial crisis bail-outs and nationalisations, takeovers, senior management changes and industry scandals. He has worked as a financial journalist in London and New York, covering commodities, equities and banking and capital markets.
HSBC’s investment bank revenues rose 3% in the first quarter from a year earlier as strong activity in transaction banking services offset a drop in trading and advisory trading income during a tough start to the year in markets.
Nomura said it aims to cut US$1bn in annual costs in its wholesale business and transform the unit so it can consistently deliver annual income of at least US$1bn.
HSBC’s long-standing co-head of global banking, Robin Phillips, is stepping down, the emerging markets lender said last week, only two days after its investment bank recorded its worst quarter in revenue terms for three years.