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INVESTMENT BANKING | Staff Reporter, Hong Kong
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Weekly Global News Wrap Up: European banks to lose more market share to US banks; HSBC to advise on world's biggest IPO

And Deutsche Bank is fined $156m for forex violations.

From Bloomberg: European investment banks are set to lose more ground to U.S. rivals in fixed-income and equities trading when they report first-quarter results this week. Barclays Plc, Deutsche Bank AG and UBS Group AG are all expected to post smaller increases in fixed-income trading revenue than the collective 24 percent jump reported by their five largest American counterparts, analysts estimate. While the U.S. firms eked out a gain in equities trading from a year earlier, Europe’s banks are estimated to report an overall decline. Read more here.

From Reuters: HSBC Holdings Plc has been formally mandated as an adviser on the initial public offering of Saudi Arabia's national oil giant Aramco IPO-ARMO.SE, expected to be the world's largest ever IPO, HSBC's chief executive said on Monday. Europe's biggest bank joins peers including JPMorgan Chase & Co and Morgan Stanley on the deal, which is expected to raise some $100 billion (78.03 billion pounds) and is the centrepiece of the Saudi government's ambitious strategy to diversify away from oil. Read more here.

From Reuters: The U.S. Federal Reserve on Thursday fined Deutsche Bank AG $156.6 million for violating foreign exchange rules and running afoul of the Volcker Rule. The German bank failed to detect and halt its traders from using chat rooms to communicate with competitors, the Fed said in a statement. Central bank officials are "requiring the firm to cooperate in any investigation of the individuals involved in the conduct underlying the FX enforcement," according to the statement. Read the full story here.

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