This is a great time to be a banker

[dmedin]

Quote

 

When markets slumped in March as the spread of coronavirus gathered pace, wealth managers’ trading volumes soared as ultra rich clients reshuffled their portfolios.

...

UBS received up to 4 million quote requests a day from private clients in the quarter - double the December level of such enquiries about potential transactions - while its advisers conducted tens of thousands of portfolio reviews each month.

While banks that are more focused on commercial lending set aside billions in provisions, the big wealth managers have found that banking for billionaires has swelled their own coffers with outsized transaction fees even as the global economy takes a battering from the coronavirus crisis.

 

 

https://uk.reuters.com/article/uk-global-banking-wealth-analysis/coronavirus-crisis-a-window-of-opportunity-for-bankers-to-the-rich-idUKKBN22Q1U7

 

😻

[Kodiak]

Millenials are getting tired😉

 

"LONDON (Reuters) - There is broad backing in stock markets for cutting the trading day by 90 minutes in a coordinated way across European exchanges, the London Stock Exchange said on Monday.

The LSE published feedback from its public consultation on making trading hours more family-friendly to help diversify trading desks and improve mental wellbeing."

https://www.reuters.com/article/us-lse-markets/london-stock-exchange-finds-broad-backing-for-shorter-trading-day-idUSKBN2382AB

 

 

[dmedin]

I hope I catch that f^king virus and it puts me out of my misery ...

[Kodiak]

Read the FY20 IG Group

Seems they did ok, 

"IG has not had a loss-making day since 2015."

Maybe some Pro did a bad oiltrade?

"a very small number of Professional clients for which we went ahead and took some provisions for"

https://www.iggroup.com/sites/ig-group/files/transcript-ig-group-fy20-results.pdf

https://www.iggroup.com/investors/financial-results/results-reports-and-presentations/result/year/2020

 

 

[dmedin]

13 minutes ago, Kodiak said:

"a very small number of Professional clients for which we went ahead and took some provisions for"

Oooh now that's interesting ...

[dmedin]

Looks like they have a majority female leadership team now.  Is that what's meant by equality, then?  Replacing male domination with female domination?  ROFL

 

The huge spike of daily client trading seen in Q4 dwarfed those periods, and it was sustained
throughout the quarter. The sheer quantum of these trading volumes and applications, shows
why we continue to invest in our technology and operations infrastructure, to deliver the
scalability and resilience in keeping with our growth opportunities

 

It probably also helps when your IT system falls on its @rse so that you can stop people from trading during periods of very high volatility

 

Edited July 23, 2020 by dmedin

[dmedin]

Ah yes, a question-and-answer section where the questions are never answered and the answers are a load of waffling nonsense.  Corporate culture!

Edited July 23, 2020 by dmedin

[dmedin]

Bad debts from professional clients.  In other words, they have no balance protection so they can end up owing IG money.  And then not paying what they owe.  Bummer

 

[dmedin]

If you want to really make money you need to find very rich people and cater to their every whim and desire.

It's called feudalism and the British have centuries of experience doing it