This week’s highlights in Financial Services serendipitously echo the range of issues the sector says impact them, and provide good talking points to raise those topics. Including:
– NAB’s profit 22% fall mostly due to the UK, which contrasted with ANZ, illustrates and emphasises the macroeconomic dichotomy between Europe and Asia;
– UBS reducing their investment bank fixed income activity (for memory, the picture below is the UBS trading floor in London, which used to be the biggest in the world: it is those teams which are undergoing this drastic transformation),
– Executive remuneration being challenged at Perpetual.
On the macro front the release of the Asian Century White Paper reminds us as a nation that we are yet to fully get a grasp on the whole issue (everyone “gets it” but we have not sorted out how to “implement”), and Storm Sandy reminds us of the permanent magnified impact of natural disasters in our highly integrated economies (where a day’s disruption of the supply chains has consequences on par with material destructions).
Exceptionally this week, no long appendix.