BNP Paribas posted third quarter profits Thursday. They rose 22% to $1.58bn, helped by increased revenues from equity derivative operations. Profit at the corporate and investment banking unit rose 41% to $900m. Revenues at the division came in just short of $2bn. The bank said that growth at the unit 'was due mainly to equity derivatives, whose quarterly net...income was greater than both the third quarter of 2004 and the second quarter of 2005......The fixed income business also maintained an excellent (overall) performance'.
Inter-dealer broker Collins Stewart Tullett has called off talks about a possible takeover, after the interested parties failed to agree on price. A spokesperson for the firm said 'it has become apparent that the terms of any such offer would not satisfy shareholders' reasonable expectations about the valuation of the business. The company has therefore terminated all discussions'.
Although Credit Suisse is being coy about just how much dosh it can save by moving to its 'one-bank' strategy, slides prepared for an investor presentation are said to demonstrate that the bank sees cost savings in IT, supply management, corporate real estate and services.
Shares in Goldman Sachs rose this week to their highest level since the firm went public in 1999. The shares peaked Wednesday at $133.86.
Finally, Citigroup has worked quickly and confirmed that the underlying valuation of the proposed merger deal between the New York Stock Exchange and electronic-trading exchange Archipelago is a fair one. Citi earned a cool $3.5m for expressing its opinion.