Results. And what is the Strategic Plan at commerzbank . We are joined by Stephen Engles later this morning. Manus it is germany, it is commerzbank, they delivered just shy of what the market expected. 3 billion euros in term of revenue, the market penciled in 2. 14. Of course, Deutsche Bank and commerzbank, the deal floundered. Who will come in and swoop in . That is the question in the market. Fullyear net income targets are significantly more ambitious, this is a rerating of expectations on this guidance. Significantly more ambitious net income comes in at 1. 27 alien for the second billion for the second. Guiding higher underlying revenue for the previous year. We will have a conversation with commerzbank a little later on. Nejra, you have got unicredit. Nejra yes. Second quarter income the red headline, coming in a little bit soft on the Second Quarter. It sees fullyear revenue at 18. 7 billion euros. 19. 07, sote was again, coming in a little light in terms of its outlook for ful
A very warm welcome, everybody to the daily. Our flagship morning show. Im anna edwards. Im manus cranny. The disbandment of the Advisory Boards by trump and the fed minutes. Look at this. This is a band width of trading on the bond mash. It has been 29 the nair owest in almost narrowest in 27 years. April to may 20. What does it take to knock a ond trader into dislocation . The probability of a rate hike is dropping away. Is that enough . Is the trump political debacle enough to stir the moment . Not at the moment. When we see what happened in the last three months. The drama at the white house, we have the fed and questions around where that question goes. Geopolitical concerns over north korea. There are so many questions and yet we remain range bound. The stock market a quick recovery from last weeks selloff as well. We have a little bit of reaction that we are seeing to those fed minutes. E see the dollar index weak. In general decreasing the chances of a rate increase this year a
From bloombergs European Headquarters. Lets get to our top story, credit squeeze. Raised capital as a part of its strategy. Francine lacqua is on location. Pressing, a good morning to you. A great interview so far, talking to tj talking to tg tijian. Francine it was quite strategic overall. Clearly focusing on the wealthy in asia. He did say he will unlock value in the swiss bank. Handinhand with costcutting. This is what is getting investments investors worried the most. You have to be efficient no matter what. That [indiscernible] it is a very serious decision. Something we will like to keep. We have pushed for selfhelp. We are rightsizing the Investment Bank. We are cutting by 72 . We are cutting prime. That is good to free up capital, because we are reducing the capital cost. Where cutting cost of 3. 5 billion we are cutting costs, 3. 5 billion. 2. 7 initiatives were launching. What i can say about these not an is they are ambition. Where worked very hard every day for three months