Dominic Elliott
ReutersBreakingviews
United Kingdom
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Past articles by Dominic:
All-in gaming mergers will echo banking tie-ups – Breakingviews
The UK gambling industry faces a new wave of regulatory costs that favour bulking up, like in banking after 2008. A few big betting firms will probably emerge, with a long tail of me-too mass-market players. Online savvy should keep smallish peers Sky Bet and 888 in the hunt. → Read More
How tech pushed finance into a status crisis – Breakingviews
Top programmers are outdoing dealmakers in pay, rivaling them in political clout and even stealing their reputation for hard graft. Cue hand-wringing from banks worried about retaining the brightest and best. They shouldn't worry: post-status industries make for better employers. → Read More
Credit Suisse pay retreat puts chairman on spot – Breakingviews
The Swiss bank has bowed to investor pressure by proposing cuts to 2016 bonuses awarded last month and a cap on payouts for this year. New say-on-pay rules necessitated the climbdown. The episode shows an embarrassing lack of foresight by the board and Chairman Urs Rohner. → Read More
Jes Staley’s “honest mistake” still hurts Barclays – Breakingviews
The UK bank's CEO will get a pay cut after trying twice to unmask a whistleblower. The regulator thinks bosses shouldn't have to go for honest errors – which Barclays says this was. But it doesn't say good things about internal processes – or Staley's knowledge of them. → Read More
Credit Suisse raid jabs at private bank model – Breakingviews
The Swiss bank has stressed zero tolerance for tax evasion after authorities swooped on three offices. Credit Suisse may be scrupulous, but managing money for the wealthy brings certain recurring risks – not least because of Swiss private banks' historic pledge of utter secrecy. → Read More
Return on equity is fair game for bank regulators – Breakingviews
The Bank of England's next stress test will assess if lenders’ earnings exceed their cost of equity. That might sound like statist meddling, or doing investors’ job for them. But as a way to stop banks taking silly risks to offset low rates, it makes sense. → Read More
Credit Suisse CEO payout is undeserved – Breakingviews
The Swiss bank is awarding boss Tidjane Thiam $12 mln for 2016, despite its $2.7 bln loss and a potentially dilutive capital raise. Thiam has done well on costs and solvency. But whatever the board says, he initially mangled the bank's strategy and thus its reputation. → Read More
Banks could do more in money laundering battle – Breakingviews
ING faces probes over links to a years-old graft case in central Asia, while UK lenders face questions over illicit Russian funds. The common theme is the difficulty of compliance in a world of faceless shell companies. The key is for banks to lobby harder for transparency. → Read More
Diamond noses ahead in ex-Barclays nags’ derby – Breakingviews
The former bank boss has bid a rich 15.5 mln stg for stockbroker Panmure Gordon. It’s a low-key return to UK finance. Even so, Bob Diamond is faring better than former lieutenants Rich Ricci, who is currently low on luck at Cheltenham’s horse races, and Jerry del Missier. → Read More
EU bank repairs are a race against time – Breakingviews
Regulators are rushing to streamline how lenders assess the riskiness of assets. An end-2018 deadline is ambitious since the review spans 68 institutions. Global Basel IV rules may also be delayed. Slippage is a headache for banks facing big changes to how they account for loans. → Read More
Britain needn’t fear SoftBank’s pass-the-parcel – Breakingviews
The Japanese tech group may shift part of its stake in British chip designer ARM to a $100 bln fund forged with Saudi Arabia. If SoftBank and ARM's board retain control, commitments over UK jobs should be upheld. A more international shareholder base may extend ARM's clout. → Read More
Brexit bravado extends to UK challenger banks – Breakingviews
UK lender Shawbrook has spurned an 827 mln pound bid from two buyout firms offering a decent premium. That's fine if it hits targets set last May that pledged healthy growth and high returns. But it places a lot of faith in Britain's economy after it leaves the European Union. → Read More
Deutsche Bank gives itself a chance of revival – Breakingviews
The German lender is to raise 10 bln euros, chiefly via a rights issue and a part-IPO of its funds arm. Assuming slimmed-down revenue can then grow, there’s a path to hit a 10 pct return goal in the medium term. But the fragile investment bank will need to do the heavy lifting. → Read More
Deutsche $8.5 bln equity hike would be partial fix – Breakingviews
The German bank may raise funds while markets look kind. The infusion would boost creditworthiness and thus Deutsche Bank's key trading and corporate lending arms. That's fine unless investment banking falters, or Deutsche turns out to have underestimated its capital needs again. → Read More
Philips brightens private equity’s gloomy corner – Breakingviews
Apollo has bought the Dutch company's LED and car lighting business for $2 bln. That's 40 pct below a Chinese bid that American regulators blocked on security grounds. Buyout firms can't easily outbid cash-rich Eastern investors. At least they can sometimes pick up the crumbs. → Read More
Blockchain is a zero-sum game for investment banks
The technology that launched Bitcoin could help broker-dealers cut costs. The catch: it could equally eat into revenue by automating services they currently charge for. Given the formidable obstacles to widespread adoption, it may prove to be as much a curse as a blessing. → Read More