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Letters from the Chairman
Letters from the Chairman
September 30, 2009
In the third quarter 2009, we saw further signs of stabilization returning to the world’s financial markets. Equity markets continued to rally; liquidity continued to return, in an atmosphere of lower volatility, and corporations and institutions around the world continued to return to the capital markets for both debt and equity funding. Nevertheless, challenges remain in the wider economy. Unemployment remains high, and continues to climb in some countries and industries. Consumer spending is subdued in a difficult credit environment. In North America, the housing market is still weak. In important emerging economies, economic momentum has returned, but in some important developed economies, the pace of recovery remains fragile. In addition, the main lines of the post-crisis regulatory framework for the banking industry are becoming clearer, particularly since the G-20 summit meeting of world leaders in Pittsburgh in September.
In this quarter, we again delivered a solid profit, whilst maintaining strict balance sheet discipline and further bolstering our capital strength; in addition, we took important steps in expanding our platform; and we defined the broad lines of the next phase of our strategy.
[more]
Letters from the Chairman
December 31, 2008
“...2008 was the most difficult year our industry has experienced in recent times. The credit crisis, which began in the second half of 2007, continued to affect our environment during 2008, and in September entered a new and more severe phase with the collapse of a large U.S. investment bank....” [more]
September 30, 2008
“...The third quarter 2008 was characterized by a considerable intensification of the credit crisis in September. Conditions in credit markets, already very difficult, deteriorated further, and liquidity in the financial system became scarcer than at any point in the crisis....” [more]
June 30, 2008
“...The second quarter of 2008 proved to be another very challenging quarter for the banking industry. After stabilizing in April, markets again deteriorated during June, with the result that the first half-year of 2008 turned out to be one of the most difficult for many years....” [more]
March 31, 2008
“...In the first quarter of 2008, financial market conditions were the most difficult in recent memory. Conditions in credit markets, and liquidity in the financial system, were both very tight....” [more]
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IR Releases on Financial Results 2009
IR Releases on Financial Results 2008
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