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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
And The Most Profitable European Bank In The U.S Is..
[Photo: WhisperToMe, Wikimedia Commons]
BNP Paribas' U.S. business was the most profitable among European investment banks in the first 9 months of the year, according to first-ever filings by the firms required by U.S. regulators. The U.S. units of BNP Paribas, France’s largest bank, had a pretax profit of $958Mn on revenue of nearly $4Bn. The firms were asked by the Federal Reserve to consolidate all their U.S. businesses under a holding company starting in July.
Some other statistics:
- Credit Suisse said it lost money in the U.S. in the same period because of restructuring costs.
- UBS had a $1.4Bn U.S. profit, almost all from tax credits. Pretax income was only $123Mn. Such tax credits arose from losses incurred during the 2008 financial crisis.
- Deutsche Bank's U.S. profit exceeded the Frankfurt-based company’s total profit for the first 9 months.
- Deutsche Bank had the most U.S. assets among the group, including assets of branches kept out of the holding companies under the new Fed rules. That still represented a 34% reduction from the end of 2011, when Deutsche Bank last filed a similar consolidated report.