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Apollo Global Management has strategically acquired Credit Suisse's securitized products group, renaming it Atlas SP, to enhance its private credit business amid market volatility. This move positions Apollo to capitalize on the growing demand for private credit, with ambitions to significantly increase asset origination in the coming years. However, concerns about potential forced selling in private credit funds loom as some investors anticipate a recession.
Santander rejected NatWest's £11bn bid for its UK retail bank, deeming it too low, and has since raised €7bn from selling a stake in its Polish unit, making a UK sale less likely. The Spanish lender is shifting focus to the Americas, reducing its UK operations amid high costs and weaker returns.
Britain's banks are debating the future of regulatory ringfencing established post-financial crisis, with proponents like Barclays advocating for consumer protection, while critics, led by HSBC, argue it restricts capital flow essential for economic growth. Despite calls for reform, recent reviews indicate the rules are functioning as intended, highlighting the risks posed by American competitors like Goldman Sachs and JPMorgan if the barriers are removed. The push for change appears opportunistic, aiming to capitalize on a broader deregulatory trend.
Warren Buffett sold $4.7bn in stocks during the first quarter of 2025, marking the tenth consecutive quarter of stock sales, as Berkshire Hathaway's cash reserves reached a record $348bn. The company's insurance division faced a $1.1bn loss due to California wildfires, contributing to a decline in net profit to $4.6bn. Despite these challenges, Berkshire Hathaway shares surged 20% in 2025, closing at a record $809,808.50 for the “A class” stock.
Tesla's board has confirmed it is not seeking to replace Elon Musk, despite concerns over corporate governance. Musk's multifaceted roles and ambitious targets have not deterred investors, as Tesla's market value significantly exceeds its projected earnings, largely due to Musk's influence and the enthusiasm of retail traders. The company's governance practices diverge from traditional norms, reflecting a unique market position where Musk's presence is deemed invaluable.
Lloyds Banking Group reported a 7% decline in first-quarter pre-tax profits to £1.5bn, driven by increased provisions for bad loans amid concerns over the economic impact of US tariffs. Revenues rose 4% to £4.4bn, while the net interest margin improved to 3.03%. The bank is also advancing a £4bn investment plan aimed at diversifying revenue and digitizing operations, alongside announcing 316 branch closures and 500 job cuts.
Elon Musk is set to face a federal court trial over shareholder complaints related to his tweets during the negotiation of his $44 billion Twitter acquisition, which allegedly misled investors about the deal's status. Shareholders claim Musk's statements caused significant financial losses, while his lawyers argue that the plaintiffs cannot prove essential elements of securities fraud. This case follows Musk's previous legal victory regarding his 2018 tweets about taking Tesla private, highlighting ongoing scrutiny of his public communications and their impact on market perceptions.
M&A bankers face challenges as higher interest rates and market volatility hinder large deals, compounded by the European Central Bank's scrutiny of the "Danish Compromise." This regulation, which allowed banks to acquire fund managers through insurance subsidiaries, is now under review, impacting capital benefits for banks like BNP Paribas. Despite a potential drop in expected returns from acquisitions, the long-term value of such deals remains favorable compared to alternatives like share buybacks.
BNP Paribas' investment banking division achieved a record €5.3bn in revenues for Q1, driven by a 42% surge in equity and prime services trading amid market volatility linked to US President Trump's policies. Despite this growth, net income fell 4.9% to €2.95bn, and the retail bank saw only modest growth of 1.2%. The bank confirmed its 2024-26 growth guidance of 5% annually while facing potential capital impacts from its recent acquisition of Axa's asset management arm.
Barclays’ private credit partner, AGL Credit Management, is struggling to attract new investments nearly a year after its launch, having raised less than $70 million from external investors, excluding a $1 billion commitment from the Abu Dhabi Investment Authority. The fundraising challenges reflect a broader slowdown in private markets, with AGL's limited track record cited as a risk factor. Despite these difficulties, Barclays remains optimistic about the partnership and its potential in the private credit space.
Roula Khalaf
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apollo's strategic acquisition reshapes private credit landscape amid market volatility
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