JPMorgan’s Kian Abouhossein maintained a cautious stance on the banking sector, following the U.K.’s vote to leave the EU. Abouhossein downgraded the. JPMorgan analyst Kian Abouhossein is not impressed with Deutsche Bank. Rank, Analyst, Firm. 1, Berry, Sheena; Lindqvist, Jens, N+1 Singer. 2, Keher, Nick , RBC Capital Markets. 3, Karpova, Anastasia, Kempen & Co.

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Over five to 10 years, Abouhossein expects investment bank employee numbers in the UK to fall and with a concentration in one European hub to emerge over time. Better Than Peers The analyst However, Abouhossein cited investment banks’ need for clarity around passporting as they shape their future business strategies.

The firm reached the figure by analysing relocation, hiring and redundancy costs, new building and rent costs and other infrastructure costs.

Abouhossein also examined a “worst case scenario”, where the UK left the union with no clarity or agreement over passporting. Scroll for more of this story.

The brokerage also downgraded many U. The shift of staff from London to other European venues could cause an initial “fragmentation of the industry across Europe due to lack of ‘infrastructure in one location”, they wrote.

JPMorgan’s top bank analyst just slammed Deutsche Bank’s Wall Street business

That could means that “even without the establishment of a branch, UK-based firms could provide investment services abouhossdin perform investment activities to eligible counterparties and to professional clients”. In lieu of comments read from the perch of the Benzinga Pro news desk, we determined it would be of value to all our readers for us to highlight some of the recent Tech will be heart of next financial crisis.


Barron’s Picks And Pans: Free Account Login Click here to access your premium account. The analyst estimated downward revisions in EPS forecasts by by an average of 13 percent for Eurobanks, in-line with the decline in their shares following the Five things you abouohssein to know about Brexit and the EU’s ‘third country’ regime French unite to lure financial services to Paris No hiring freezes, but a chill blows through investment abouhosaein Brexit could see one in five banking jobs leave London – study.

Kian Abouhossein

The note highlights Paris, Madrid and Frankfurt as “big enough to cope with a potential influx of financial services employees”, partly due to high availability of office space. He reconfirmed a cautious view on the banking sector, while estimating EPS forecast The analyst explained the base case scenario was He added that banks are likely to take commercial space leases in the short term.

In a note published on July 11, Abouhossein, head of JP Morgan’s European banks equity research team, said the Brexit vote had led to “structural uncertainty” for investment banks, particularly due to a “lack of clarity” on its implications for passporting rules that allow banks to sell products and services from a branch in one EU country to others.

Goldman Sachs decided Friday night was a good time to tell the world how bearish it is ahead of the Q1 earnings season. Sales and trading as well as risk management roles may move from the UK to the EU, following by jobs in balance sheet, capital and IT, Abouhossein said. Benzinga – Feed Your Mind try pro. JP Morgan’s Abouhossein does not expect banks to move staff immediately, but said they “will not wait until formal Brexit either to make decisions”.


JP Morgan’s Kian Abouhossein. In the note, he said: Analysts at Coalition in a note on July 8 pointed to Dublin, Madrid, Paris and Frankfurt as “primary candidates” for a new European financial hub, saying that “banks could further leverage the cities where they have moved some of their support staff over the past two years”.

Kian Abouhossein Latest News & Headlines – THE BUSINESS TIMES

Membership is Free What are you waiting for? Images provided by Deposit Photos. Market in 5 Minutes. Editor’s Picks Bitcoin peaked one year ago: Analyst Kian Abouhossein said following the U. If you have any questions as it relates to either of the three newsletters, please feel free to contact us at ZING.

That hub, Abouhossein wrote, would need to have a strong sovereign rating, sizable GDP and kin real estate. A Peek Into The Markets Compare All Online Brokerages.

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