The document provides an overview of an investment bank's performance in 2011, outlook for markets, and business highlights.
The key points are:
1) The investment bank achieved near record performance in 2011 with revenue of $26.3B and earnings of $6.8B, while strengthening its balance sheet.
2) Global markets are expected to continue growing, though fixed income currently dominates over equities. The bank has unmatched scale, diversity, and leadership across major markets.
3) The bank is well positioned to adapt to new regulations through existing governance programs and operational excellence in managing regulatory changes. Expense discipline allows for continued investment.
The Corporate & Investment Bank (CIB) at J.P. Morgan Chase is well positioned to maintain its leadership in wholesale banking due to its strong client franchise, economies of scale, fortress balance sheet, and stable earnings from its markets business. The CIB has over 7,600 clients globally, with 61% located internationally, and generates 48% of its revenue from outside the US. It holds leading market positions across banking and markets businesses. The CIB's scale allows it to invest for ongoing leadership while maintaining efficient overhead ratios. Its balance sheet is supported by stable wholesale deposits and capital markets secured financing.
Genworth MI Canada Investor Presentation September 2014genworth_financial
This document provides an overview and summary of Genworth MI Canada Inc. It begins with forward-looking statements and an explanation of non-IFRS financial measures used. The summary then covers Genworth's business overview, solid financial performance in the first half of 2014, strategic priorities of prudently growing market position while managing risk, and key takeaways about Genworth's leading position and track record of profitability in the Canadian mortgage insurance market.
Citi reported revenues of $24.8 billion for the first quarter of 2009, nearly double the prior year period. Net income was $1.6 billion. Results were driven by strong performance in institutional banking, though offset by higher credit costs. Credit costs totaled $10.3 billion, up 76% due to increased net credit losses and loan loss reserves. The CEO commented that clients remained engaged with Citi and that the company would continue reducing legacy risks and improving efficiency.
The New Normal: How to Achieve Profitable C&I Loan Growth in Today's EconomyLibby Bierman
BankDATAWORKS is a financial information company that provides credit and risk management solutions to thousands of financial institutions. It was named to the Inc. 500 and Deloitte Technology Fast 500 lists. The presentation discussed BankDATAWORKS' subscription services that deliver banking reports and news articles produced with artificial intelligence. It also covered potential niche commercial and industrial lending strategies for banks such as accounts receivable factoring and SBA 7(a) lending. Case studies of Crestmark Bank and Live Oak Banking Company were provided as examples.
The document discusses Bank of America Merrill Lynch, a leading global financial firm that delivers solutions to clients through insights, global reach, and long-term relationships. It brings enhanced services through its investment banking, securities, and wealth management affiliate DSP Merrill Lynch. The group shares over 100 years of combined India experience through its global and local expertise.
JPMorgan Chase announced a $2 billion loss from trading financial derivatives in its Chief Investment Office in London. The losses occurred when traders placed large bets on credit default swap indexes to hedge previous positions, but the new bets introduced unaccounted risks and backfired. Regulators are investigating the trades and their implications for financial reform regulations around banks' trading and hedging activities. The losses also renewed debates around how much risk big banks should take.
The document summarizes changes in the positions of various global banks over the past nine months. Some banks improved due to leadership changes and recapitalizations, while others deteriorated due to losses, fines, and lawsuits. Banks that improved include Wells Fargo, Swedbank, Allied Irish Banks, Royal Bank of Scotland, Intesa SanPaolo, Banca Monte dei Paschi, and Banca Popolare di Milano. Banks that deteriorated include HSBC, Nordea, JP Morgan Chase, Goldman Sachs, UBS, Credit Suisse, Bank of New York Mellon, DNB, and Espirito Santo Financial Group.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
The Corporate & Investment Bank (CIB) at J.P. Morgan Chase is well positioned to maintain its leadership in wholesale banking due to its strong client franchise, economies of scale, fortress balance sheet, and stable earnings from its markets business. The CIB has over 7,600 clients globally, with 61% located internationally, and generates 48% of its revenue from outside the US. It holds leading market positions across banking and markets businesses. The CIB's scale allows it to invest for ongoing leadership while maintaining efficient overhead ratios. Its balance sheet is supported by stable wholesale deposits and capital markets secured financing.
Genworth MI Canada Investor Presentation September 2014genworth_financial
This document provides an overview and summary of Genworth MI Canada Inc. It begins with forward-looking statements and an explanation of non-IFRS financial measures used. The summary then covers Genworth's business overview, solid financial performance in the first half of 2014, strategic priorities of prudently growing market position while managing risk, and key takeaways about Genworth's leading position and track record of profitability in the Canadian mortgage insurance market.
Citi reported revenues of $24.8 billion for the first quarter of 2009, nearly double the prior year period. Net income was $1.6 billion. Results were driven by strong performance in institutional banking, though offset by higher credit costs. Credit costs totaled $10.3 billion, up 76% due to increased net credit losses and loan loss reserves. The CEO commented that clients remained engaged with Citi and that the company would continue reducing legacy risks and improving efficiency.
The New Normal: How to Achieve Profitable C&I Loan Growth in Today's EconomyLibby Bierman
BankDATAWORKS is a financial information company that provides credit and risk management solutions to thousands of financial institutions. It was named to the Inc. 500 and Deloitte Technology Fast 500 lists. The presentation discussed BankDATAWORKS' subscription services that deliver banking reports and news articles produced with artificial intelligence. It also covered potential niche commercial and industrial lending strategies for banks such as accounts receivable factoring and SBA 7(a) lending. Case studies of Crestmark Bank and Live Oak Banking Company were provided as examples.
The document discusses Bank of America Merrill Lynch, a leading global financial firm that delivers solutions to clients through insights, global reach, and long-term relationships. It brings enhanced services through its investment banking, securities, and wealth management affiliate DSP Merrill Lynch. The group shares over 100 years of combined India experience through its global and local expertise.
JPMorgan Chase announced a $2 billion loss from trading financial derivatives in its Chief Investment Office in London. The losses occurred when traders placed large bets on credit default swap indexes to hedge previous positions, but the new bets introduced unaccounted risks and backfired. Regulators are investigating the trades and their implications for financial reform regulations around banks' trading and hedging activities. The losses also renewed debates around how much risk big banks should take.
The document summarizes changes in the positions of various global banks over the past nine months. Some banks improved due to leadership changes and recapitalizations, while others deteriorated due to losses, fines, and lawsuits. Banks that improved include Wells Fargo, Swedbank, Allied Irish Banks, Royal Bank of Scotland, Intesa SanPaolo, Banca Monte dei Paschi, and Banca Popolare di Milano. Banks that deteriorated include HSBC, Nordea, JP Morgan Chase, Goldman Sachs, UBS, Credit Suisse, Bank of New York Mellon, DNB, and Espirito Santo Financial Group.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
J.P. Morgan stock is recommended as a buy. The intrinsic value is estimated at $80 based on valuation models, which is above the current price of $68, representing an upside of over 17%. J.P. Morgan is one of the largest banks in the U.S. and globally with strong brand recognition and a diversified business across consumer banking, corporate and investment banking, asset management, and commercial banking. Financial ratios show good profitability and leverage. The recommendation is supported by multiple valuation approaches showing the stock is undervalued at the current price.
The Malaysian economy is stable despite domestic and external challenges. The authorities are making progress on their reform agenda including governance reforms and measures to improve the transparency and management of public finances. Policies should focus on medium-term fiscal consolidation, while safeguarding growth and financial stability. Structural reforms are needed to enshrine in law main governance measures, and to boost productivity to achieve high income status and inclusive growth.
Mercer Capital's Value Focus: Auto Dealer Industry | Mid-Year 2021Mercer Capital
The document discusses options for auto dealerships to allocate excess capital, including reinvesting in the business through M&A or organic growth, or returning capital to shareholders through dividends or share repurchases. It notes that some public auto dealers have focused on share repurchases recently. For private dealers, reinvesting options like adding new locations may be limited, so returning capital to owners could be preferable if attractive growth prospects are absent. The document analyzes growth strategies and capital allocation considerations for both public and private auto dealerships amid high current profitability and liquidity levels.
Global Corporate and Investment Banking President Gene Taylor presented on the division's strategy for growth between 2006-2011. The goals are to increase revenues by $10 billion and earnings by $3 billion through deepening client relationships, increasing market share internationally, and strategically deploying capital. Global Investment Banking Head Brian Brille then discussed the strategic themes of integrated delivery of Bank of America's capabilities, capturing largest fee pool opportunities including becoming a top 3 investment bank in the US, and growing the international presence including becoming a top 10 investment bank in Europe.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
This document provides an overview and outlook for TD Ameritrade Holding Corporation. It discusses 6 investment themes: 1) their unique business model, 2) market leadership in trading, 3) being a premier asset gatherer, 4) their relationship with TD Bank, 5) being well-positioned for rising interest rates, and 6) being good stewards of shareholder capital. The document also provides highlights and forecasts for key financial metrics for fiscal year 2013, with an earnings per share outlook range of $1.00-$1.20.
An Understanding Of Financial Communications And Investor RelationsMSL
This presentation is by MSLGROUP thought leader Jaideep Shergill, head of our financial communications in Asia and CEO, Hanmer MSL.
Hanmer MSL is one of India’s largest multi-discipline communications firms and a leader in the area of speciality communications services, including strategic public relations, financial communications, social media, events, activation and creative services. It is part of MSLGROUP, Publicis Groupe's flagship strategic communications and engagement network.
This presentation offers an in-depth understanding of financial communications and investor relations.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
This document discusses banking in emerging markets and identifies three key stages of financial maturity for these markets - frontier, transitional, and established. It summarizes the findings of surveys of banks and customers in 11 emerging markets representing these three stages. The main points are:
1) Emerging markets face growth opportunities but also volatility due to political and economic factors. Banks must cope with this volatility to succeed.
2) Banks face challenges including tougher regulation, intensifying competition, and increasing costs. They must address these "headwinds" to profit from emerging market growth.
3) Successful banks will identify lessons from peers in similar markets to adapt strategies locally and maximize profits from their most lucrative customers.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
HSBC reported stronger profits in the first quarter of 2008 compared to the same period in 2007. While most regions performed well, profits declined in the US due to higher loan impairments in consumer lending and losses in investment banking. However, the company's diversified business model and focus on emerging markets helped mitigate losses. Overall, HSBC remains well capitalized and positioned for continued growth, particularly in Asia and Latin America.
Citigroup reported third quarter core income of $3.26 billion, down 7% from the prior year due to $700 million in losses from the September 11th attacks. Revenue grew 5% to $20.29 billion while expenses declined 2%. The diversification of Citigroup's businesses allowed growth in many areas, including a 45% increase in CitiFinancial income and a 25% rise in Citibanking income, despite challenges in the market environment from the attacks. Sanford Weill, CEO, expressed confidence that Citigroup would deliver 15% earnings growth in the fourth quarter assuming a stable market.
Merrill Lynch reported first quarter 2003 net earnings of $685 million, a 6% increase from $647 million in the first quarter of 2002. Revenues were $4.9 billion, down 5% from the prior year quarter. While commissions revenue declined due to lower transaction volumes, debt trading increased revenues. Expenses decreased 6% to $2.5 billion for compensation and 7% for other expenses through cost cutting. The results demonstrated progress in diversifying revenues despite difficult markets.
JPMorgan Chase reported record revenue and earnings for 2007. Key points:
- Total revenue was $71.4 billion, up 15% from 2006, and earnings were $15.4 billion.
- Most business lines achieved record or near-record earnings, but results were mixed with areas of weakness like mortgage trading.
- The Investment Bank had a record first half but struggled in the second half with difficult market conditions.
- Retail and card services grew customer accounts and sales, but earnings fell due to higher credit costs, especially in subprime mortgages.
- Commercial and treasury/securities services achieved record revenue and profits with strong loan and asset growth.
- Asset management
This document provides a client assessment report for HSBC Holdings PLC comparing its financial performance over time to peers and industry benchmarks. The report includes an opportunity dashboard highlighting areas where HSBC's performance trails benchmarks and the potential cash flow that could be realized by improving in those areas. It also includes profiles of HSBC and peers, historical comparison charts, "what if" analyses, gap analyses, financial statements and key questions. The goal is to identify opportunities for HSBC and solutions that could help address challenges.
Mercer Capital's Bank Watch | June 2021 | Community Bank Valuation Financial ...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
The document is Goldman Sachs' 2012 annual report. It discusses the challenging economic environment in 2012 but reports that Goldman Sachs performed relatively well, posting solid results. It notes revenues increased 19% to $34.2 billion while net earnings increased 68% to $7.5 billion. The report summarizes Goldman Sachs' focus on controlling costs, managing regulatory changes, leveraging technology, and serving its global client base.
The document provides a resume for Refka Jamal Gunem, an Electrical Design Engineer from Syria who is currently working in the UAE, with over 10 years of experience in electrical design projects for commercial buildings, villas, and infrastructure. Gunem's resume outlines her professional experience, projects, education, skills, and contact information while seeking a challenging position in electrical design.
Historia del derecho constitucional colombianoLuz Carvajal
La constitución de Cundinamarca de 1811 fue la primera constitución colombiana y estableció un gobierno centralizado. La constitución de 1832 creó la República de la Nueva Granada. La constitución de 1853 introdujo el federalismo y expandió los derechos civiles. La constitución de 1886 estableció la República de Colombia y un gobierno centralizado. La constitución de 1991 fue llamada la "Constitución de los Derechos" por reconocer una amplia gama de derechos fundamentales, económicos,
J.P. Morgan stock is recommended as a buy. The intrinsic value is estimated at $80 based on valuation models, which is above the current price of $68, representing an upside of over 17%. J.P. Morgan is one of the largest banks in the U.S. and globally with strong brand recognition and a diversified business across consumer banking, corporate and investment banking, asset management, and commercial banking. Financial ratios show good profitability and leverage. The recommendation is supported by multiple valuation approaches showing the stock is undervalued at the current price.
The Malaysian economy is stable despite domestic and external challenges. The authorities are making progress on their reform agenda including governance reforms and measures to improve the transparency and management of public finances. Policies should focus on medium-term fiscal consolidation, while safeguarding growth and financial stability. Structural reforms are needed to enshrine in law main governance measures, and to boost productivity to achieve high income status and inclusive growth.
Mercer Capital's Value Focus: Auto Dealer Industry | Mid-Year 2021Mercer Capital
The document discusses options for auto dealerships to allocate excess capital, including reinvesting in the business through M&A or organic growth, or returning capital to shareholders through dividends or share repurchases. It notes that some public auto dealers have focused on share repurchases recently. For private dealers, reinvesting options like adding new locations may be limited, so returning capital to owners could be preferable if attractive growth prospects are absent. The document analyzes growth strategies and capital allocation considerations for both public and private auto dealerships amid high current profitability and liquidity levels.
Global Corporate and Investment Banking President Gene Taylor presented on the division's strategy for growth between 2006-2011. The goals are to increase revenues by $10 billion and earnings by $3 billion through deepening client relationships, increasing market share internationally, and strategically deploying capital. Global Investment Banking Head Brian Brille then discussed the strategic themes of integrated delivery of Bank of America's capabilities, capturing largest fee pool opportunities including becoming a top 3 investment bank in the US, and growing the international presence including becoming a top 10 investment bank in Europe.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
This document provides an overview and outlook for TD Ameritrade Holding Corporation. It discusses 6 investment themes: 1) their unique business model, 2) market leadership in trading, 3) being a premier asset gatherer, 4) their relationship with TD Bank, 5) being well-positioned for rising interest rates, and 6) being good stewards of shareholder capital. The document also provides highlights and forecasts for key financial metrics for fiscal year 2013, with an earnings per share outlook range of $1.00-$1.20.
An Understanding Of Financial Communications And Investor RelationsMSL
This presentation is by MSLGROUP thought leader Jaideep Shergill, head of our financial communications in Asia and CEO, Hanmer MSL.
Hanmer MSL is one of India’s largest multi-discipline communications firms and a leader in the area of speciality communications services, including strategic public relations, financial communications, social media, events, activation and creative services. It is part of MSLGROUP, Publicis Groupe's flagship strategic communications and engagement network.
This presentation offers an in-depth understanding of financial communications and investor relations.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
This document discusses banking in emerging markets and identifies three key stages of financial maturity for these markets - frontier, transitional, and established. It summarizes the findings of surveys of banks and customers in 11 emerging markets representing these three stages. The main points are:
1) Emerging markets face growth opportunities but also volatility due to political and economic factors. Banks must cope with this volatility to succeed.
2) Banks face challenges including tougher regulation, intensifying competition, and increasing costs. They must address these "headwinds" to profit from emerging market growth.
3) Successful banks will identify lessons from peers in similar markets to adapt strategies locally and maximize profits from their most lucrative customers.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
HSBC reported stronger profits in the first quarter of 2008 compared to the same period in 2007. While most regions performed well, profits declined in the US due to higher loan impairments in consumer lending and losses in investment banking. However, the company's diversified business model and focus on emerging markets helped mitigate losses. Overall, HSBC remains well capitalized and positioned for continued growth, particularly in Asia and Latin America.
Citigroup reported third quarter core income of $3.26 billion, down 7% from the prior year due to $700 million in losses from the September 11th attacks. Revenue grew 5% to $20.29 billion while expenses declined 2%. The diversification of Citigroup's businesses allowed growth in many areas, including a 45% increase in CitiFinancial income and a 25% rise in Citibanking income, despite challenges in the market environment from the attacks. Sanford Weill, CEO, expressed confidence that Citigroup would deliver 15% earnings growth in the fourth quarter assuming a stable market.
Merrill Lynch reported first quarter 2003 net earnings of $685 million, a 6% increase from $647 million in the first quarter of 2002. Revenues were $4.9 billion, down 5% from the prior year quarter. While commissions revenue declined due to lower transaction volumes, debt trading increased revenues. Expenses decreased 6% to $2.5 billion for compensation and 7% for other expenses through cost cutting. The results demonstrated progress in diversifying revenues despite difficult markets.
JPMorgan Chase reported record revenue and earnings for 2007. Key points:
- Total revenue was $71.4 billion, up 15% from 2006, and earnings were $15.4 billion.
- Most business lines achieved record or near-record earnings, but results were mixed with areas of weakness like mortgage trading.
- The Investment Bank had a record first half but struggled in the second half with difficult market conditions.
- Retail and card services grew customer accounts and sales, but earnings fell due to higher credit costs, especially in subprime mortgages.
- Commercial and treasury/securities services achieved record revenue and profits with strong loan and asset growth.
- Asset management
This document provides a client assessment report for HSBC Holdings PLC comparing its financial performance over time to peers and industry benchmarks. The report includes an opportunity dashboard highlighting areas where HSBC's performance trails benchmarks and the potential cash flow that could be realized by improving in those areas. It also includes profiles of HSBC and peers, historical comparison charts, "what if" analyses, gap analyses, financial statements and key questions. The goal is to identify opportunities for HSBC and solutions that could help address challenges.
Mercer Capital's Bank Watch | June 2021 | Community Bank Valuation Financial ...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
The document is Goldman Sachs' 2012 annual report. It discusses the challenging economic environment in 2012 but reports that Goldman Sachs performed relatively well, posting solid results. It notes revenues increased 19% to $34.2 billion while net earnings increased 68% to $7.5 billion. The report summarizes Goldman Sachs' focus on controlling costs, managing regulatory changes, leveraging technology, and serving its global client base.
The document provides a resume for Refka Jamal Gunem, an Electrical Design Engineer from Syria who is currently working in the UAE, with over 10 years of experience in electrical design projects for commercial buildings, villas, and infrastructure. Gunem's resume outlines her professional experience, projects, education, skills, and contact information while seeking a challenging position in electrical design.
Historia del derecho constitucional colombianoLuz Carvajal
La constitución de Cundinamarca de 1811 fue la primera constitución colombiana y estableció un gobierno centralizado. La constitución de 1832 creó la República de la Nueva Granada. La constitución de 1853 introdujo el federalismo y expandió los derechos civiles. La constitución de 1886 estableció la República de Colombia y un gobierno centralizado. La constitución de 1991 fue llamada la "Constitución de los Derechos" por reconocer una amplia gama de derechos fundamentales, económicos,
Historia del derecho constitucional colombianoLuz Carvajal
La constitución de Cundinamarca de 1811 fue la primera constitución colombiana y estableció un gobierno centralizado. La constitución de 1832 creó la República de la Nueva Granada. La constitución de 1853 introdujo el federalismo y expandió los derechos civiles. La constitución de 1886 estableció la República de Colombia y un gobierno centralizado. La constitución de 1991 fue llamada la "Constitución de los Derechos" por reconocer una amplia gama de derechos fundamentales, económicos,
Este documento resume la historia del deporte desde sus orígenes miles de años atrás hasta la era moderna. Explica que los primeros deportes se remontan a la antigua China y Egipto y que consistían principalmente en actividades físicas para la caza y supervivencia. Luego destaca que los primeros Juegos Olímpicos formales tuvieron lugar en Grecia en el 776 a.C. y que en el siglo XIX surgieron deportes de competición en Inglaterra. Finalmente, señala que los Juegos Olímpicos modernos
El universo contiene galaxias, estrellas, planetas, satélites, asteroides, cometas y meteoritos. Las galaxias contienen miles de millones de estrellas. Las estrellas emiten luz y calor. Los planetas giran alrededor de las estrellas. Algunos planetas tienen satélites como la Luna de la Tierra. Los asteroides y cometas también orbitan las estrellas, y los meteoritos son fragmentos que caen a los planetas.
Eudaimonic Flourishment through Healthcare System Participation in Annotating Electronic Health Records
Peter Pennefather, West Suhanic, Katie Seaborn, Deb Fels
Laboratory of Collaborative Diagnostic, Lesley Dan Faculty of Pharmacy, UofT Inclusive Media Design Centre, Rogers School of Management, Ryerson U
If the Food System Creates Conditions for People to be Nourished
Nourishment is the Output of that System
If The Public Health System Creates Conditions for People to Flourish
Flourishment is the Output of that System
Also
if The Food System is to be Regulated, Nourishment Needs to be Recorded, Accounted and Analyzed. If the Public Health System is to be Regulated, Flourishment Needs to be Recorded, Accounted and Accounted
The document discusses some of the ethical challenges of internet of things (IoT) devices in home environments. It notes that IoT brings new opportunities for data collection but also challenges regarding privacy, security, data ownership and control. The document advocates for a value sensitive design approach where designers consider human values and ethical concerns early in the design process to help address these issues and frame the socio-technical system and future possibilities in a responsible manner. It also emphasizes the need for legislation and policies around data usage and user profiling to protect user freedom.
This document summarizes Stafford Beer's Viable System Model and the Team Syntegrity process. It describes how both were inspired by designs found in nature. It provides an overview of the key influences on Beer's work, the five management functions of the Viable System Model, and examples of its application, including Beer's ambitious Cybersyn project in Chile. It also summarizes the Team Syntegrity process, its influences, standard format, typical outcomes and criteria for success, and provides examples of Syntegrations that have been conducted.
Birger Sevaldson www.systemsorienteddesign.net
RSD5 Symposium Systemic Design for Social Complexity
Systems Oriented Design (SOD) is a dialect in the emerging field of Systemic Design. It is maybe the most designerly and practice oriented approach. The red blurry dot in the diagram below shows SOD being off center, closer to design and closer to practice.
This document discusses how technology, regulation, and market forces are disrupting the traditional banking model. It outlines that customers want good service, fast access to products and services, and lower costs. The traditional "one stop shop" banking model faces challenges from conflicts of interest, high costs of capital, and reduced risk appetite. New winners in the financial industry include fintech companies providing cheaper money transfers, non-bank lending, hedge funds, private equity, and independent M&A boutiques. Regulation is pushing banks to separate activities and reducing the viability of the full service model.
DisruptingBanking presentation at ABTEC 2015Ziad Awad
Technology, regulations and consumer expectations are disrupting the banking industry. "Banking will always be needed but banks as we know them may cease to exist: - Bill Gates
The document analyzes the strategic management performance of the National Bank of Egypt (NBE). It notes that NBE achieved record performance in FY 2019/2020, with total deposits reaching EGP 1.6 trillion. NBE's deposits approached EGP 2 trillion by end-March 2021, highlighting customer confidence. The bank aims to be the leading entity in the Egyptian banking sector by maximizing financial intermediation efficiency while safeguarding deposits and maximizing shareholder returns. A SWOT analysis identifies NBE's strong brand and large network as strengths, and high non-performing loans as a weakness.
- Smart Lenders Asset Management manages portfolios of consumer loans issued through online lending marketplaces in the US, targeting an annual return of 6.5-7.5% net of fees and defaults.
- They focus on prime borrowers and loans of short duration (around 18 months) to provide quality, security, and transparency for European investors.
- Online marketplace lending has grown significantly in recent years but still only accounts for a small portion of the overall US consumer lending market, representing an opportunity for further growth.
This document provides an overview of an investment banking firm that focuses on mergers and acquisitions in the industrial sector. It discusses the firm's leadership team and areas of focus, which include aerospace and defense, automation, capital goods, and other industrial verticals. The firm aims to find ideal acquisition targets and help clients achieve the best possible outcomes in transactions. Recent deal experience is also summarized.
The document provides an overview of Merrill Lynch including its business description, financial profile, competitive environment, and valuation. It discusses Merrill Lynch's core businesses, leadership changes, risk management improvements, growth opportunities in emerging markets and through third party funds, and plans for balance sheet optimization and more efficient use of capital.
- City National is a private and commercial bank headquartered in Los Angeles, California with $32 billion in assets. It operates 77 offices across Southern California, Northern California, New York City, Nevada, Nashville and Atlanta.
- The presentation discusses City National's unique market position serving high-net-worth individuals and middle-market businesses, its diversified business model including industry specialties and wealth management, and its focus on profitable growth through acquisitions, technology investments and asset sensitivity.
- Key strengths highlighted include its critical mass in key markets, ranking among the top wealth managers for 14 years, a strong balance sheet and credit quality with low nonperforming assets.
1) The document discusses the causes and effects of the 2008 global financial crisis, comparing it to the 1929 crash. It analyzes factors like loose regulation, risky lending practices, and accounting standards that contributed to hidden economic bubbles bursting.
2) Going forward, the document recommends measures like improving supervision, reforming compensation schemes, and coordinating international regulatory alignment to prevent future crises and promote recovery.
3) While short term economic pressure is expected, stimulus packages and a focus on innovation could help economies recover once clean up of bank balance sheets is complete. Risk management practices will also likely be overhauled.
Blx corporate presentation 1q17 bd conf london 3 4 may 17Bladex
1) Deutsche Bank held a conference in London on May 3-4, 2017 to discuss its Andean Region business.
2) The presentation included forward-looking statements and disclaimed risks and uncertainties that could impact Deutsche Bank's expectations.
3) Deutsche Bank has a leading franchise in the region with a solid track record, as demonstrated by various financial highlights provided from 2015 to the first quarter of 2017.
2.2. Balance Of Payment Capital Account To Finance Ca DeficitHai Vu
International Finance related issues.
The Capital Account of the balance of payments measures all international economic transactions of financial assets. It is divided into two components:
+ The Capital Account
+ The Financial Account.
Capital Accounts consist of:
- Direct Investment – in which the investor exerts some explicit degree of control over the assets.
- Portfolio Investment – in which the investor has no control over the assets nor any participation in the management.
- Other Investment – consists of various short-term and long-term trade credits, cross-border loans, currency deposits, bank deposits and other capital flows related to cross-border trade.
DSR - Debt Service Ratio:
The Debt Service Ratio - DSR is the percentage of a borrower's income that will be used to pay off a loan. It is one of the factors a lender will use to assess your application. Most lenders set the maximum DSR from 30% to 30%, which means that the loan repayments should not take up more than that part of your salary. This ensures that you will be able to pay off your loan comfortably, with little to no risk of defaulting or going bankrupt. The DSR may be calculated based on your monthly, weekly or fortnightly earnings.
Bank of America is one of the world's largest financial institutions, serving 57 million consumers and businesses globally. It has a long history dating back to 1764 and has grown significantly through mergers and acquisitions. The company monitors key economic indicators to predict trends and maximize revenues. It offers a range of banking products both domestically and internationally through its presence in over 140 countries. Bank of America continues investing in new technologies like mobile and online banking to better serve customers globally.
This document discusses opportunities and challenges in Asian non-life insurance markets. It notes that Asia represents a high-growth market for non-life premiums, with countries like China and India experiencing over 20% annual growth from 2007-2011. However, markets remain fragmented and penetration rates are still low compared to other regions. The document outlines Ageas' non-life operations in Malaysia and Thailand through partnerships with Maybank and Muang Thai Insurance. It reports on the companies' market shares, distribution channels, and financial performance including combined ratios below 100%. The conclusion is that Asia offers significant growth potential through 2015 by strengthening existing businesses and selectively expanding to new markets with a disciplined approach.
Tricumen offers market intelligence and competitor benchmarking services for financial institutions. They provide customized data and analysis on over 50 competitors across various products and geographies. Their offerings include quarterly datasets with financial metrics and qualitative information on competitors, allowing clients to benchmark their performance against peers.
This document provides an overview of Banco ABC Brasil, a leading credit provider to mid-sized and large companies in Brazil. It discusses the bank's history and ownership structure, business segments including large corporate lending, middle market lending, and payroll deductible loans. The document also outlines the bank's competitive advantages such as its sophisticated product portfolio and proven track record of growth. Financial information is presented including funding sources, profitability, indicators, and a vision for diversified future growth across business segments. Contact information is provided at the end for investor relations.
This document discusses an investment opportunity in emerging and frontier markets fixed income. It notes the high growth expectations for emerging markets, low interest rates in developed economies, and growing overseas interest in emerging markets assets. The fund would invest in emerging market corporate and sovereign bonds to generate equity-like returns with fixed income risk and seniority. It highlights past strong performance of emerging market bonds relative to US high yield bonds and equities. The investment process involves proprietary research, risk management controls, and a highly diversified portfolio.
This document contains forward-looking statements about the Bank's performance and business outlook. It notes several factors that could cause actual results to differ from expectations, such as credit growth, interest rates, economic conditions, strategy execution, credit quality, and regulatory changes. It then provides an overview of the Bank, including its shareholder structure, ratings, business lines in financial intermediation, structuring, and treasury, regional focus in Latin America, and adherence to world-class governance and risk management standards.
The Latin America Trade Finance Bank (Bladex) focuses on fostering growth in Latin America through trade finance. It has a unique ownership structure with Class A shareholders representing central banks or designees from 23 Latin American countries. Bladex operates in over 23 jurisdictions and supports financial institutions and corporations across the Americas with trade finance expertise and solid credit ratings from Moody's, Fitch, and S&P. It provides financial intermediation, structuring and syndication services focused on trade finance and working capital across industries in Latin America.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2011BoyarMiller
This document summarizes the presentations from the 5th Annual Current State of the Capital Markets Breakfast Forum on September 8, 2011. It includes sections on market performance, credit market stress, the European sovereign debt crisis, US manufacturing and employment data, and investment strategy recommendations to focus on capital preservation given significant downside risks in the markets. It also summarizes private equity and M&A activity trends, noting increased deal volume and values in the energy sector.
This document provides an overview and performance summary of various investment funds managed by PM CAPITAL.
The Absolute Performance Fund has significantly outperformed its benchmark, the MSCI World Index, with a total return of 167.4% since inception compared to 19.5% for the index. The fund utilizes a selective, high conviction and contrarian investment approach focusing on undervalued global businesses.
The Emerging Asia Fund has also significantly outperformed its benchmark, with a total return of 139.4% compared to 11.6% for the MSCI Asia ex-Japan Index. It takes a similar investment approach and focuses on investments in infrastructure, internet, retail and other sectors within Asia.
Both funds aim to generate
Similar to 12_Investment_Bank_Investor_Day_FINAL (20)
3. 2011: strength amidst volatility
Performance
Near record performance
Revenue: $26.3B
Earnings: $6.8B (second highest)
ROE of 17% on capital of $40B
Further strengthened fortress balance sheet (Tier 1 common ratios)
Basel II: 13.7%
Basel III: 8.4%
Sustained Investment Banking leadership
#1 in Global IB Fees (third consecutive year): 8% market share1
Record loan syndication revenue, advisory fees up 22%
Fixed Income: historic high revenue market share, 17%2
Equities: record results
Commodities: complete franchise
Business summary
Financial results
1 Dealogic
2 Estimated using public disclosure of top 10 competitors, excluding DVA
2
PERFORMANCE
4. Strategic initiatives: 2011 progress and 2012 momentum
Performance
Clients
Disciplined, sustained focus
Capital/risk
management
Prudent capital management
Continued focus on regulation
Efficient capital usage
Control during volatility
Repositioning ahead of new regulations
Initiatives
Technology
Strategic Reengineering Program: over
50% complete, on target
Doubled electronic equity internalization
Further reduced errors and cost per trade
Execute Strategic Reengineering Program
Rationalize IB/TSS costs and execution
(Value for Scale)
Deliver cross-asset platforms for innovation
International
Formed International Steering Committee
Expanded Markets footprint in 20 countries
Launched EMEA Prime Brokerage
TS/IB Markets growth with corporates
Add local market capabilities
Build Asia Prime Brokerage
Commodities
Achieved targets, increased client activity
Completed Sempra integration
Maintain leadership
Grow developing markets franchise
2011 2012
3
PERFORMANCE
6. Credit, rates and currencies drive the global financial markets
Markets
Source: Federal Flow of Funds, Bloomberg, IMF, Bank for International Settlements, CBRC, CSRC, Thomson Reuters, SIFMA, McKinsey Global Institute
Note: “Gross U.S. equity and long-term debt issuance” and “Daily average U.S. trading volume” graphs not shown to scale
1 Municipal, Treasury, MBS, Corporate Debt, and Federal Agency securities
2 Daily average value traded by the NASDAQ and NYSE
Non-bank financial assets outpacing growth of traditional sources of capital…
0
50
100
150
200
250
300
350
400
450
1952 1959 1967 1974 1981 1988 1996 2003 2010
…and Fixed Income markets continue to dominate Equities
274
348 358
630
819
893
1,034
950
901
29 52
125
70 81 115 142 98 103
1996 1998 2000 2002 2004 2006 2008 2010 2011
Fixed Income1 Equities2
Daily average U.S. trading volume ($B)
Banks/Govs.
(J.P. Morgan, Fannie Mae, etc.)
Non-bank financials
(MFs, Insurance, HFs,
etc.)
Financial assets (% of GDP)
2.1
3.4
2.5
5.3
4.6
5.9
4.6
6.8
5.9
0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2
1996 1998 2000 2002 2004 2006 2008 2010 2011
Fixed Income1 Equities
Gross U.S. equity and long-term debt issuance ($T)
0 100 200 300 400
Brazil
China
France
Korea
U.S.
Japan
Capital by source (% of GDP)
Public Financial Markets Banks/Govs.
As countries develop,
banks/govs. are replaced by
public market growth
Global financial assets are
expected to nearly double over
the next 10 years
5
MARKETS
7. Our client franchise is large, diversified and global
Markets
2011 Markets revenue mix
2011 IB fees mix
Other
Financials
8%
Insurance
4%
Corporates
13%
Broker-dealers
7%
Hedge Funds
23%
Asset
Managers
29%
Banks
16%
~16,000
markets clients
1
1 Other Financials includes public sector, pension funds, private equity, and SPVs
Latam
2%
Asia
10%
North America
55%
EMEA
33%
Latam
4%
Asia
9%
North America
68%
EMEA
19%
~5,000
issuer clients
Public
Finance
3%Tech, Media,
Telecom
18%
Real Estate
7%
Natural
Resources
23% Healthcare
11%
FIG
14%
Diversified
Industrials
13%
Consumer & Retail
11%
6
MARKETS
9. 30%
70%
Flow driven Markets business
Markets
IB Markets revenue: typical quarter (%)
Rates
Securitized
Products
Emerging
Markets
Credit Trading
Commodities
FX
Structured
Cash
Derivatives
Prime Services
StructuredStructured
Flow
Structured
Fixed
Income
Equities
Flow
Structured
100% 100% 100%
Public Finance
8
MARKETS
10. High volume Markets business model with standardized products
Markets
Note: Quantity, average revenue and total revenue are estimates based on typical quarter; revenue per quarter rounded
Interest Rate Swaps
FX Spot/Forwards
Asset Backed Securities
Credit Trading
Energy Trading
F&O and OTC clearing
Cash Equities (N.A.)
Equity Swaps and Options
Examples of major trading
products
FixedIncomeEquities
350
350
300
375
250
150
150
200
Revenue per
quarter ($mm)
x =
Financing 150
Loan Trading
12,000
70
10,000
1,500
5,000
40 cents per lot
1.5 cents per share
30,000
Average revenue
($ per trade)
1,500
10,000 100
30,000
5,000,000
30,000
250,000
50,000
350mm lots
10B shares
6,000
Quantity per quarter
(# of trades)
100,000
10,000
FX Options 100600150,000
Governments 2002,50075,000
Cash Equities (EMEA/Asia) 1758bps$200B notional
Metals Trading 75600140,000
Agencies 757,00011,000
9
MARKETS
11. 98%
97%
95%
92% 92% 92%
91%
88%
Financial Basic
materials
Tech. Industrial
goods
Health
care
Utilities Consumer
goods
Services
Over 90% of the Global Fortune 500 use swaps, futures, and options
Markets
Total usage across
all industries: 94%
Source: ISDA 2009 Survey
88%
83%
49%
29%
20%
FX Interest rate Commodity Equity Credit
Global Fortune 500
Usage by productUsage by industry
10
MARKETS
12. Scale driven Markets business model
Markets
0.08% 0.06%0.2%0.6%1.2%
98%
$0-$50K $50K-$100K $100K-$250K $250K-$500K $500K-$1mm $1mm+
Estimated % of total client trades by average revenue per trade (FY 2011)
Note: Represents Fixed Income business
High volume (~100,000 daily trades)
Low spread
Low volume (~10 daily trades)
High spread
% of Total Revenue 75% 25%
11
MARKETS
13. 120
36
24
44
57
75
29
26
37
77
Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Day 8 Day 9 Day 10
High turnover Markets business model
Markets
Case study – North America interest rate swaps daily turnover metrics
Average daily
turnover: 53
Note: Turnover defined as daily DV01 risk traded divided by starting DV01. DV01 is the risk position for a desk (amount of money desk makes or loses on a one basis point move
in the yield curve); actual two-week period in 2011
Client businesses carry little risk inventory and turn their positions multiple times a day
12
MARKETS
15. Well positioned to adapt to regulation
Business highlights
Impact
Clearing and
Swap
Execution
Facilities
(SEFs)
Non-Bank
Subsidiary
(NBS) swap
“push out”
Pushing-out portions of below
investment grade CDS,
equity and commodities
derivatives
No significant revenue or
capital changes expected
Volcker
Ban on Bright Line
proprietary trading
Immaterial revenue impact
Not a large business
Limits market
making/hedging ability
Mandated clearing
Meaningful volumes
Lesser revenue impact
Concerns
Complicates risk
management
Extraterritoriality:
potential impact to scope
Could limit liquidity
Clients
Markets
Compliance emphasis
may impact costs
Unresolved: end-user
margin/extraterritoriality
Concentration of
exposure to central
counterparties
Strengths
Operational excellence:
depth of experience
managing complex
migrations
Long-track record of client-
focused business model
Competitors may need to
re-orient their businesses
Competitive advantage by
being a scale player with
existing connectivity and
access to SEFs
Strong governance programs in place to address regulatory change: 500 people; 65+ projects
14
BUSINESSHIGHLIGHTS
16. 7.7
9.3 9.2 8.9
6.1
6.1
7.5
7.2
2008 2009 2010 2011
Compensation Noncompensation
1 2010 compensation expense excludes $0.5B of U.K. payroll tax
2 Overhead and comp/revenue ratios exclude DVA impact
Expense discipline enables investment capacity
Business highlights
Disciplined expense management
Total expense down 4%
Focus on operating efficiency
Best-in-class overhead ratio
Lowest comp/revenue ratio
Continued investment capacity
Strategic Reengineering Project (SRP)
International expansion
Commodities execution
International Prime Brokerage
Value for Scale
Synergies across wholesale businesses
Highlights
13.8
15.4
16.81
16.1
Overhead ratio2 NM 51% 65% 65%
75% 31% 36% 36%Comp/revenue1,2
J.P. Morgan IB expense ($B)
1
15
BUSINESSHIGHLIGHTS
17. Global Corporate Bank: contributing to IB Markets and Treasury Services
Business highlights
1 Excludes non-recurring items
32%
28%
27%
Rates
FX
Commodities
1
19%
8%
35%Trade
Liquidity
Core cash
Trade loan growth
47%
revenue
growth
~29% growth
YoY
~22% growth
YoY
2011 international revenue with corporates
IB Markets Treasury Services
16
BUSINESSHIGHLIGHTS
18. Leveraging the J.P. Morgan platform
Business highlights
Expanded client
coverage/footprint
with Global
Corporate Bank
Increased credit
extension and
product
penetration
IB recognized
fees for 147
debt and 77
equity deals for
CB clients in
2011
$1.4B gross
revenue in 2011
41 new Private
Bank clients from
IB referrals
71 Private Bank
referrals to the IB
Expanding
international
referrals and
syndication
access
Treasury &
Securities
Services
Commercial
Banking
Asset
Management
Investment Bank
CB
50%
AM
32%
TSS
18%
IB cross-LOB gross revenue share ($B)
J.P. Morgan
2011 total: $2.7B
Leveraging the wholesale platform
17
BUSINESSHIGHLIGHTS
19. Proven risk management capability
Business highlights
J.P. Morgan Markets revenue and VaR
~30% higher revenue than peers with ~40% less volatility
Note: Revenue excludes DVA; peers: BAC, BARC, C, CS, DB, GS, MS and UBS
1 Estimated using public disclosure of top 10 competitors, including DVA
2 Volatility equals standard deviation as a percentage of the period average
19.319.3
23.5
4.2
10.2
12.2
0
5
10
15
20
25
2006 2007 2008 2009 2010 2011
0
20
40
60
80
100
120
140
160
180
JPM Markets revenue JPM VaR
$B $mm
Average revenue over past 12 quarters
40%
25%
Peers J.P.Morgan
Markets revenue volatility2 of past 12 quarters
$3.9
$5.2
Peers J.P.Morgan
JPM ~40% less than peers
JPM ~30% greater than peers
8% 9% 10% 13% 12% 14%
Market
share1
18
BUSINESSHIGHLIGHTS
20. Fortress balance sheet and prudent capital management
Business highlights
Allocated equity ($B)
Basel III Tier 1
common ratio
40
8.4%
2012 walk forward ($B)
Risk Weighted Assets (based on Basel III)
4Q12 glidepath
$413
4Q11 actual
$467
4Q10 actual
$550
40
7.2%
Note: 2012 RWA reduction is a combination of legacy asset roll-off, risk adjustments, and continued RWA management discipline
($54)
40
9.5%
19
BUSINESSHIGHLIGHTS
21. JPM Investment Bank ROE vs. peers Markets revenue (Equities and FICC, $B)
Consistency of results
Business highlights
17% 17%
14%
8%
2010 2011
JPM IB Peer average1
Source: Company filings
1 Peer average ROE excludes firms without sufficient IB segment-level disclosure
2 Adjusted for non-recurring items
146
131
2010 2011
9
11
13
14
15
15
17
17
20
Peer 8
Peer 7
Peer 6
Peer 5
Peer 4
Peer 3
Peer 2
Peer 1
JPM
Industry Individual firms YoY
(25%)
36%
(16%)
(15%)
(21%)
2%
1%
(30%)
(3%)
2
2
20
BUSINESSHIGHLIGHTS
22. 17%17%17%
21%
(5%)
15%
18%18%
2005 2006 2007 2008 2009 2010 2011 Target
Performance and outlook
Business highlights
We are holding 17% target going forward
Headwinds to consider
Regulatory burden
Global market uncertainty
Tougher RWA calculations
Sustained low interest rate environment
Key drivers
Scale and diversity of franchise
Market leadership
Growth initiatives
Disciplined expense management
Strong capital position
Outlook
17% +/-
Allocated
capital
($B)
20 21 21 26 33 40 40 40
J.P. Morgan IB ROE
21
BUSINESSHIGHLIGHTS