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5/20/2013, 2:26 PM ET

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Wednesday, November 16, 2011, 2:55 PM BNP Paribas (BNPQY.PK) joins other EU lenders in slashing jobs as they seek to cut costs and raise capital. BNP will cut 1,396 positions - roughly 6.5% of its staff - from its corporate and investment bank, a division that is struggling due to the difficult financial markets. Comment! [Global & FX, Financials]
Friday, November 11, 2011, 3:17 PM A Bloomberg analysis has the largest U.S. money market funds cutting investment in Deutsche Bank (DB) by $8.1B in October, the largest drop among major Western lenders, but just a sliver of the bank's overall funding. On a percentage basis, French banks are faring far worse, having lost the majority of their money market funding over the past year. 1 Comment [Financials, Global & FX]
Thursday, November 10, 2011, 4:05 PM Earlier today, French finmin Baroin extended for another 90 days the short sale ban on financial stocks introduced August 12. Performance since then: French ETF (EWQ) -5.8%, SocGen (SCGLY.PK) -21.3%, BNP Paribas (BNPQY.PK) -14.6%, Credit Agricole (CRARY.PK) -23.3%. 1 Comment [Global & FX, Financials]
Tuesday, November 8, 2011, 1:52 PM Citigroup (C), JPMorgan Chase (JPM), BNP Paribas (BNPQY.PK), Royal Bank of Scotland (RBS) and HSBC (HBC) may face capital surcharges of 2.5 percentage points above earlier minimum levels, according to a provisional list prepared by Basel regulators. Bank of America (BAC), Barclays (BCS) and Deutsche Bank (DB) may face surcharges of up to two points. Comment! [Financials, Global & FX]
Friday, November 4, 2011, 3:57 PM The FSB releases its list of 29 systemically important financial institutions (SIFI) following the G-20 meeting. These firms will face higher regulatory scrutiny and capital requirements. The usual suspects made the list, including Dexia, already under the blanket of a state rescue. The stock performance of this group in 2011 leaves a bit to be desired. Comment! [Global & FX, Financials]
Wednesday, November 2, 2011, 4:32 AM EU bank shares regain some of their dignity after yesterday's steep losses, with the STOXX Europe 600 Banks index +2%, Societe Generale (SCGLY.PK) +5.7%, Credit Agricole (CRARY.PK) +4.8%, BNP Paribas (BNPQY.PK) +5.3%, Deutsche Bank (DB) +2.1%, UniCredit (UNCIF.PK) +5.5%, Barclays (BCS) +2.2%, and RBS (RBS) +1.9%. Comment! [Global & FX, On the Move, Financials]
Tuesday, November 1, 2011, 8:12 AM European banking shares are hardest hit, with many now having given up all and more of the euphoric run-up following Thursday morning's bailout announcement. SocGen (SCGLY.PK) -14.4%, BNP Paribas (BNPQY.PK) -10.2%, Deutsche Bank (DB) -11.5%. Italy's Unicredit, -10.8%, has given up nearly all of October's historic run. Comment! [Global & FX, Financials]
Tuesday, November 1, 2011, 4:38 AM EU banks are taking a pounding following the Greek referendum news, with the STOXX Europe 600 Banks index -5.1%, Societe Generale (SCGLY.PK) -13.6%, Credit Agricole (CRARY.PK) -10.85%, BNP Paribas (BNPQY.PK) -9.4%, Deutsche Bank (DB) -7.9%, UniCredit (UNCIF.PK) -8.1%, Barclays (BCS) -5.5%, and RBS (RBS) -4.9%. Comment! [Global & FX, Top Stories, On the Move, Financials]
Friday, October 28, 2011, 3:48 AM European shares make small gains early on as the effects of the debt-deal euphoria begin to wear off and investors await the all-important details. Banks continue to rise, with Deutsche Bank (DB) +1.9%, Commerzbank (CRZBY.PK) +1.3%, BNP (BNPQY.PK) +2.7%, SocGen +2.4% (SCGLY.PK), Credit Agricole (CRARY.PK) +3.1%. Euro STOXX 50 +0.2%, Paris +0.3%, Frankfurt +0.7%, London flat. Comment! [Global & FX]
Thursday, October 27, 2011, 9:11 AM Today's 18-22% move higher in French banks gives them gains of as much as 50% in 5 weeks! It's entirely possible the capital raises anticipated by the EBA can be accomplished through retention of earnings - maybe a pleasing thought to shareholders, even if they have to miss a year's worth of dividends. Comment! [Global & FX, Financials, On the Move]
Thursday, October 27, 2011, 7:14 AM European bank shares are the big winners following yesterday's/this morning's deals. BNP Paribas (BNPQY.PK) +16.2%, SocGen (SCGLY.PK) +14.7%, Credit Agricole (CRARY.PK) +20.3%, DB +13.7%, RBS +8.1%, UBS +7.1%. Comment! [Global & FX, Financials, On the Move]
Monday, October 24, 2011, 3:31 PM Adding a bit of meat to the chatter, the FT reports a top eurozone official this weekend informed a group of banks that their Greek paper will be haircut by 60%. The worry now is such a move could trigger CDS contracts and post-Lehman type action. "You don't need to be paranoid to be terrified," says a source. 7 Comments [Global & FX, Financials]
Monday, October 24, 2011, 7:20 AM Mark the date, time, and amount. Bank of France Governor Christian Noyer says French lenders would need less than a €10B capital raise to bring their ratios up to the 9% level agreed to by EU FMs over the weekend. He claims this can be done privately without state assistance. 1 Comment [Global & FX, Financials]
Friday, October 21, 2011, 3:21 PM France's stock market regulator urges the country's banks to book losses on their Greek holdings beyond the 21% agreed to in July. German and U.K. banks have recognized a 50% loss, and even French insurer AXA (AXA.HY) has taken a 40% hit, but French banks refuse to budge. It's pretty clear why Sarkozy keeps making those trips to Berlin. 1 Comment [Global & FX, Financials]
Friday, October 21, 2011, 7:09 AM Certainly not the only banks to argue against tough rules for their industry, the French banks have been particularly aggressive over past years. Brushing off concerns about the PIIGS, the lenders - often with the backing of their government - insisted their holdings and capital positions were just fine. Some form of bailout looks to be coming soon. Comment! [Global & FX, Financials]
Thursday, October 20, 2011, 11:29 AM "It used to be the case that banks built sovereigns, now sovereigns build banks," says Brown prof Mark Blyth. The big banks only continue to stand because of government backups and bailouts. Consider the German lenders, who just said they refuse to recapitalize, knowing the government/taxpayer will be there, when needed. Blyth remains live on Bloomberg until noon. Comment! [Global & FX, Financials]