Le programme des réformes dans l’euro zone

Les raisons qui expliquent l’hémorragie récente qui affecte les banques d’investissement qui voient partir leurs meilleurs éléments tiennent avant tout aux nouvelles dispositions réglementaires, telles que l’application des accords de Bâle version 3.0, qui entravent les activités spéculatives pour compte propre et restreignent les marges des banques d’investissement. Du coup les rats commencent à quitter le navire de la banque d’investissement.

The 143-year old bank is expected to be one of the hardest-hit by incoming financial regulation. Tougher capital rules from the international Basel III agreement increase the costs at Goldman’s previously lucrative trading businesses, while the Volcker rule banning the bank from trading for its own account and a regulatory push for more derivatives trading to be done on exchanges all have potential to hit profit margins. In October, the bank reported only its second quarterly loss since its initial public offering 13 years ago. Lower returns mean lower bonuses.

And people are leaving. David Heller and Edward Eisler, two co-heads of the bank’s securities business left this year. The quiet departure of them and senior highly-respected bankers like them is perhaps more of a long-term threat to the bank than the noisier exit of Mr Smith.



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