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Feedback ((2) Revenue performance by Pillar (Flow (Africa (CBN…
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(2) Revenue performance by Pillar
Flow
Africa (CBN transactions)
Interest rates showing strong performance particularly inflation, while FX and commodities had a challenging year
Structuring
Timing of Large transactions especially given the concerns around SOEs
RMS
Additional balance sheet pricing in the current year, on a like for like the business is flat
Prime Services
Strong performance from the business particularly, FI PB and Africa custody businesses, FI PB benefited on the back of high volumes from hedge funds
Structured trading
Steinhoff, positions exited with some of the losses experienced in December recovered
(3) Overall measurement metrics
A credible performance given the tough trading enviroment
Cost management initiatives continue to bear fruit as can be seen in our Pre nXt spend, we monitor nXt costs quite closely
Africa strategy is progressing nicely making up 24% of GM revenue
Strategies to improve performance are being operationalised
The environment is beginning to show signs of improvements, however we need commitment from the whole of GM to be able to finish the year strong
(1) Overall revenue view
Portfolio approach of the GM business
Credible set of results, While the credit and commodities business had a tough year thus far, Fixed income businesses had a better performance
Importance of the Africa Strategy
Performance attributable to the Swaps with the CBN
Reliance on Large deals
This is evident in the Structuring and Commodities performance
Notable for Commodities are the Sasol hedges in prior year
Backdrop
Difficult trading conditions
Heightened Political uncertainty
Weak economic growth enviroment
credit down downgrades
Steinhoff event