Quotes from the news wire:
The case will now be transferred to the Court of Appeals which will hear the trial again in full. This process is expected to take several years, the superficial nature of the verdict is astounding and does not even pretend to address the arguments we presented during the five weeks of the trial. This will need to be covered by the appeals court.
We and the industry are facing unprecedented headwinds, for example from interest rates, which have pressured net interest margins in all of our businesses and from macroeconomic and political uncertainties that have contributed to huge risk aversion among our clients, industry activity levels in investment banking advisory have slowed markedly year on year, and, while equity volumes in the US are buoyant, flat volumes in Europe and sharp declines in Asia do not favor our geographic mix.
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