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...Moreover, its two core businesses, institutional securities and money management, should eventually generate mid-teens RoEs “through the cycle”....
...First Citizens, UBS and NYCB each had RoEs in the previous quarter of between 9 per cent and 11 per cent. Then they each struck gold....
...And all of this achieved with fantastic RoEs for a traditionally capital-intensive business....
...result: companies with strong board connections to companies with, for example, high returns on equity — but which did not have high ROE themselves — had notably lower downside risk than those with high ROEs...
...Now that we rarely see fish on a slab, and our mothers no longer send us down to collect plaice and herring roes for supper, it has become alien to us....
...US companies have delivered better RoEs in recent years, but Beddall speculates that this may be partly because that they have leveraged themselves more....
...Goldman revealed its third quarter return on equity to be 17.5 per cent, the group’s best since 2010 (pre-2008 RoEs sometimes were 30 per cent, however)....
...ROEs in this area can exceed 20 per cent but Goldman is years away from achieving those....
...The broad narrative is that Japanese companies are increasingly under the gun from investors to raise their ROEs and deploy their cash better. Something seems to be working....
...Bank ROEs in Europe averaged less than 6 per cent at the last count, half the typical rate in the US. There are two supreme ironies here....
...Graham stocked it with a mix of reds, fallow, roes and sika, for meat quality, with the individual animals selected partly for “leucism”, a genetic pattern that causes reduced pigmentation in skin and fur...
...Bank of America and Citigroup, which last switched chief executives in 2010 and 2012, are still barely posting double-digit ROEs despite big boosts from lower taxes....
...Nikko Asset Management will vote against the reappointment of entire boards at companies that deliver low ROEs unless those boards agree to reduce their cross shareholdings....
...Although he had provided a new target for the group’s general insurance business, he said: “You can work out the arithmetic on the ROEs.”...
...Today’s ROEs are far lower. For the first quarter of 2018, Goldman’s was a touch over 15 per cent. But as Mr Blankfein enters his sunset year(s) in charge, his pay has fallen, too....
...That would allow them to boost payouts to shareholders while pushing up pay for top employees, many of whom have packages linked to ROEs....
...Return on equity over the first nine months came to 10.3 per cent, on an annualised basis, suggesting that Goldman is on course to return to double-digit annual ROEs following two years of sub-10 per cent...
...Large banks, meanwhile, have struggled to produce ROEs in the double digits....
...Mr Dennis admits “it’s hard to prove any of that, except that the capex numbers are going down and the ROEs rising”....
...Those who crave the firm, muscular meat of a Dover sole or turbot will deprecate the plaice but it is a delicacy, more akin to soft roes or whiting than any flatfish....
...Leverage-fuelled pre-crisis ROEs of more than 30 per cent seem miraculous now. Yet Goldman still depends on trading to power the expected sharp earnings growth....
...This is much higher than the single-digit bank ROEs of recent years. Sales costs are low because the loans can be “cross-sold” to existing clients. Of course, share prices will fluctuate....
...Starters were appealingly simple: Nordic fish roes with potato blinis and sour cream and cured salmon topped with a potato crisp, cucumber and salmon roe. Our mains were more complicated....
...Mr Blankfein, who has returned to his whiskery, wisecracking self after his cancer treatment, has let it be known that he wants to step aside once he’s returned ROEs to the mid-teens on a consistent basis...
...Many banking peers have gradually edged down their target ROEs over the past year or two, making 10 per cent a typical target. Unicredit’s modest-looking 9 per cent is not far adrift....
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