Restructuring hits RBS's third quarter private banking profit 31/10/2014 RBS’s private banking division, which includes Coutts, has reported a drop in operating profit. For the third quarter ended 30 September operating profit £64 million, down nine percent. The bank said this was “principally due to higher restructuring costs.”
Raymond James reports record fourth quarter results 30/10/2014 Raymond James Financial has seen its quarterly net revenue and quarterly net income reach record highs of $1.29 billion and $136.4 million respectively. The increase of $0.94 per diluted share covers the fiscal fourth quarter ended 30 September.
Why UBS Americas is the big elephant in UBS' room 29/10/2014 It wasn’t all that long ago that the consensus amongst analysts and other experts was that UBS would (or perhaps should) sell its US wealth management operations. At the time UBS was attempting to rebuild its capital in the wake of its involvement in the US sub-prime mortgage fiasco so any proceeds from the business would be gratefully received. Moreover banks seem to have a habit of selling-off foreign assets businesses within years of acquiring them (normally at a much reduced price). Moreover, UBS Americas (the former PaineWebber) had not exactly performed well.