Lawyer keeps 'CYA' file Nov 19, 2009
Joseph L. Bruno to become an investment banking company employee was built on spotty research into what his private work would actually be, according to testimony at Bruno's federal fraud trial Wednesday ... The opinion, clearing Bruno to become an investment banking company employee, was based on specific language Bruno gave in a January 1993 letter seeking the ruling, Gluchowski said ... Under questioning from Assistant U.S. Attorney Elizabeth C. Coombe, Gluchowski acknowledged he never... (Albany Times Union)
Duncan-Williams opens Philadelphia office Nov 18, 2009
Investment banking firm has opened an office in Philadelphia comprised of former staff from. Financial terms were not disclosed. (Memphis Business Journal, TN)
Banking stocks gain on stronger recovery signs Nov 18, 2009
8mil for its first quarter ended Sept 30, backed by stronger contribution from most of its business segments like treasury operations, international business and investment banking. CIMB Group Holdings Bhd, the countrys second largest bank by assets, saw its net profit soaring 62. (The Star Online, Malaysia -- Business)
Marcial: America's Car-Mart, a Lot to Like Nov 18, 2009
Similarly, they have no investment banking or other financial relationships with them. writes the Inside Wall Street column for. (BusinessWeek)
Nomura Extends Lead in Managing Asian Share Sales With Hitachi, MUFG Deals Nov 18, 2009
Fee income from investment banking, including equity underwriting, was 15. 6 billion yen for the three months, compared with 10 billion yen a year earlier. (Bloomberg)
Afghanistan Is Obama's War Now Nov 18, 2009
It's time for Obama to face facts: Afghanistan is his war now. Tue, 11/17/2009 - 2:29pm. (Slate)
Goldeye Explorations Limited Closes Another Financing With MineralFields Group Nov 18, 2009
First Canadian Securities is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities. (CCNMatthews Press Releases)
Give us shares or we'll take more cash Nov 18, 2009
A verse is being circulated in Wall Street in tribute to the investment banking gods at Goldman Sachs - another firm being tested against Nick Moore's performance shares. Our chairman. (Sydney Morning Herald -- Business)
Interagency task force to target financial fraud Nov 18, 2009
It could benefit, for instance, by sharing information about schemes involving mortgages and investment banking, says John Coffee, a professor at School of Law. "You might well find there was a fraudulent conversation between a mortgage loan originator who knew they were making toxic loans and people who were securitizing those loans," Coffee says. (USA Today -- Money)
BMO Capital Markets Acquires Assets of Paloma Securities U.S. Hedge Fund Nov 17, 2009
BMO Capital Buys Assets From Paloma Hedge Fund (Update1) - Bloomberg. Updated: New York, Nov 17 04:23 London, Nov 17 09:23 Tokyo, Nov 17 18:23. (Bloomberg -- Canada)
Australian Dollar Falls From Near 15-Month High as Minutes Curb Rate Bets Nov 17, 2009
The bearish tone on the U.S. dollar is good for commodities and commodity currencies, said , chief economist in Tokyo at Calyon Securities, the investment banking unit of Credit Agricole SA.. The of 19 raw materials climbed 2. (Bloomberg -- Australia & New Zealand)
Bond vote may wait until '11 Nov 17, 2009
Natrona County School District staff members and board members re-evaluated information from investment banking firm George K. Baum and Co. of Cheyenne on Monday concerning the possibility of asking district voters to authorize issuance of bonds for several construction projects ... The district won't pay any money to the investment banking firm until a ballot measure is decided. (Casper Star-Tribune, WY)
Reform push must continue Nov 16, 2009
Meanwhile, a big debate is taking place in Washington on whether there is a need to prevent financial institutions from being involved in both commercial banking activities (which rely on depositors funds) and in risky investment banking activities ... In 1933, from lessons learnt during the Great Depression, the Glass-Steagall Act, which was adopted by the US Congress, disallowed commercial banks from combining their commercial banking activities with other financial operations such as... (The Star Online, Malaysia)
3 banks prepared to pay record $29.7B in bonuses Nov 16, 2009
Global heads of equities, commodities trading, interest-rate trading and investment banking each will receive total compensation that may reach at least $10 million, most of it coming from bonuses, according to the report. Morgan Stanley is among banks that are offering a larger portion of bonuses in stock and instituting so-called clawback clauses to tie incentive pay to risk, the report said. (Honolulu Advertiser)
More U.S. job hunters look for work in other nations Nov 16, 2009
International companies are largely seeking candidates in engineering, computer technology, manufacturing, investment banking and consulting. Although the global recession hit Asian economies, they did not suffer as deeply as the U.S. and are rebounding faster, says economist of IHS. (USA Today -- Money)
Bain Capital Will Buy Citigroup's Bellsystem24 in Japan for $1.3 Billion Nov 15, 2009
New York-based Citigroup earlier this year sold Nikko Cordial Securities Inc. and a part of its investment banking business at Nikko Citigroup Ltd. to Financial Group Inc. for 545 billion yen. It also sold its trust banking and asset management units in Japan to Nomura Holdings Inc. and Sumitomo Trust & Banking Co., respectively. (Bloomberg -- Japan)
Sumitomo Mitsui, Mizuho Financial Profits Recover as Bad-Loan Costs Drop Nov 15, 2009
The lender is boosting fee and trading income after acquiring broking and investment banking businesses in Japan from in October. The Nikkei 225 Stock Average rose 1. (Bloomberg -- Japan)
Investment bank powers Morgan Q3 Nov 15, 2009
Investment banking powers JPMorgan Chase & Co Q3- International Business-News-The Economic Times ... Investment banking powers JPMorgan Chase & Co Q315 Nov 2009, 1023 hrs IST, REUTERS ... Investment banking profits were the lions share of the 580 per cent increase in JPMorgan earnings, boding well for other large banks due to report this week, including Goldman Sachs Group Inc and Citigroup Inc.. (India Times)
What Saved Bear Stearns' Managers From Jail?Skipping the stand may have helped keep Cioffi and Tannin out of prision. Nov 15, 2009
Frank Quattrone, the king of Silicon Valley investment banking, came within a hairsbreadth of turning an obstruction-of-justice case he was close to winning into a loss when, on the stand, he gave the prosecutors an opening with a performancethough he finally ended up with a slap on the wrist after a mistrial and an overturned conviction. 1. (ABC News -- Business)
Are Men More Competitive Than Women? Nov 14, 2009
Delivered to a female employee, the comment contained an undercurrent of sexism and, when combined with some of her on-the-job experiences, probably constituted what civil rights lawyers call an "." My friend, however, chalked it up to the macho, hyper-competitive environment of her chosen profession: investment banking. It's a classic stereotype, and not just on Wall Street: Men aggressively compete; women collaborate and nurture. (Slate)
China: Assaying Newmont? Nov 14, 2009
Similarly, they have no investment banking or other financial relationships with them ... Similarly, they have no investment banking or other financial relationships with them ... Similarly, they have no investment banking or other financial relationships with them. (BusinessWeek)
Promises, but Nexbis' numbers not stacking up Nov 14, 2009
David Symons is a company director with a background in investment banking and private equity. Source. (Sydney Morning Herald -- Business)
DAX Index Gains, Extending Weekly Advance, as Fresenius Medical Increases Nov 14, 2009
Germanys biggest pay-television company was raised to buy from sell at UniCredit Markets & Investment Banking, which said in a report we have more trust in the new equity story than the old after third-quarter earnings and set a new share-price estimate of 3. 50 euros. (Bloomberg -- Germany)
John Cassidy's How Markets Fail Nov 14, 2009
He admires the changes that came out of the Great Depression, such as the Glass-Steagall Act, which separated banking from investment banking. Even if current legislators aren't willing to go that far, banks must be required to keep more capital on hand and be given limits on how much debt they can accumulate, he says. (BusinessWeek)
Bank of America CEO search still looms Nov 13, 2009
Other inside candidates include Tom Montag, 52, who runs the bank's global markets unit and took over the global corporate and investment banking unit in August during a management shake-up; and Barbara Desoer, 57, who has led the bank's mortgage unit since the July 2008 purchase of Countrywide Financial Corp.. Because of the many problems the company has had over the past year, especially since its acquisition of Merrill Lynch, some analysts believe Bank of America should seriously consider an... (San Diego Union-Tribune)
Catching up with Richard Blum Nov 13, 2009
Halfway through graduate school, I decided to go into investment banking. Q: Neighborhood hangout. (San Francisco Chronicle)
Four divisions push Maybank profit up 54% Nov 13, 2009
2mil in the previous corresponding period, driven by treasury, international, insurance and investment banking operations ... The investment banking, meanwhile, saw higher fee-based income, arising from arrangers fees and brokerage fees ... The improving capital market should, however, provide better performance for the investment banking and insurance divisions. (The Star Online, Malaysia -- Business)
No front-runner for next Bank of America CEO Nov 13, 2009
Other inside candidates include Tom Montag, 52, who runs the bank's global markets unit and took over the global corporate and investment banking unit in August during a management shake-up; and Barbara Desoer, 57, who has led the bank's mortgage unit since the July 2008 purchase of Countrywide Financial Corp.. 1. (MSNBC -- Business)
LETTER: Obama dismantling free-market system Nov 13, 2009
That repeal, which was signed into law by President Clinton exactly 10 years ago today, broke down the barriers between commercial banking and investment banking, and led to the growth of behemoth financial firms that were able to take enormous risks with impunity because they were "too big to fail.""I think we will in 10 years' time look back and say we should not have done this," Dorgan said back then. The understatement of the decade, folks. (Mattoon Journal-Gazette, IL)
White-Collar Defendants: Sit Down and Shut Up Nov 12, 2009
Frank Quattrone, the king of Silicon Valley investment banking, came within a hairsbreadth of turning an obstruction-of-justice case he was close to winning into a loss when, on the stand, he gave the prosecutors an opening with a performancethough he finally ended up with a slap on the wrist after a mistrial and an overturned conviction. It's arguable that some of the folks who did testify had little choice: They were so well-known that they needed to try, at least, to dispel the jury's... (Slate)
Global Banks: A Securities Blanket for Q3 Earnings Nov 12, 2009
Big institutions' trading, investment banking, asset management, and wealth management activities helped offset persistent asset-quality declines ... Generally solid earnings of global banks' securities-related businesses, including various trading, investment banking, asset-management, and wealth-management activities, bolstered third-quarter results. (BusinessWeek)
Blore says its got maximum offers across IIMs for 10 Nov 12, 2009
IIMB said 19% of the first-year batch of 348 students accepted internships in investment banking for 2010 summer placements, a mildly bullish sign for the economy. The percentage of students opting for investment banking is almost the same as the previous seasons , when about 20% of students out of the batch of 270 students joined investment banking. (India Times)
Fountain saga takes new turn (1166) Nov 12, 2009
wd wrote on Nov 11, 2009 8:13 AM:" Just one more example of what has gone wrong with the American capitalist system run by big banking and 'investment' firms that makes the money flow up in the hope that some of it might 'trickle' back down.South African native Selwyn Isakow starts an investment banking and acquisition merger company here in the US and specializes in takeovers.So, despite the fact that Reggie Fountain started this business from scratch and as he has said, is both the designer... (Washington Daily News, NC)
HLB Q1 profit down slightly on lower interest income Nov 12, 2009
The group saw higher contributions from investment banking and insurance divisions while commercial banking recorded lower earnings for the quarter due to lower net interest income and non-interest income. Investment banking s pre-tax profit stood at RM7. (The Star Online, Malaysia -- Business)
IIMB gets 180 slot zero offers Nov 12, 2009
Recruiters from Sales ting formed the major chunk (21 per cent) as a result of more number of FMCG companies this time, followed by Investment Banking (19 per cent), finance (16 per cent), consulting (15 per cent), general management (12 per cent), IT (9 per cent) and private equity (three per cent). "There was a welcome jump in Investment Banking this time compared to last year (14 per cent). It was Investment Banking which occupied the top slot last time as far as recruiters were concerned",... (India Times)
KKR Puts Higher Valuation on Dollar General Than Walmart in IPO Offering Nov 12, 2009
KKR was criticized for paying too much for Dollar General, said , chairman of Davidowitz & Associates Inc., a New York-based retail consulting and investment banking firm. Now when the smoke has cleared and were in a train wreck in this economy, and were in the biggest consumer trade-down in the history of retailing, Dollar General has wound up in the perfect place. (Bloomberg)
Taiwan Billionaires Send Cash Home as HSBC Sees Island's Dollar Rising 11% Nov 12, 2009
Its a trend for relatively successful China-based Taiwanese businesses to come home with glory, said , head of investment banking for the greater China market at Polaris Finance Group, which controls Taiwans biggest investment trust company. Theres a peace dividend. (Bloomberg)
Hearst may have $1B pot of money to spend Nov 11, 2009
Reed Phillips, a partner at the boutique investment banking firm of DeSilva & Phillips, of the new appointment ... At JPMorgan he became the head of the US media investment banking business; more recently he headed the media practice at Silverfern Group ... "It's is absolutely not about cutting costs," said Reed Phillips, a partner at the boutique investment banking firm of DeSilva & Phillips, of the new appointment. (New York Post -- News)
Barclays Q3 Profit Down on Credit Losses, Debt Nov 11, 2009
The bank's investment banking performance--mostly driven by Barclays Capital--in the quarter disappointed some analysts, though the division continued to be the main earnings driver for the group ... Breaking down by businesses, Barclays' investment banking and management division, most of which is represented by BarCap, posted a 38% fall in pretax profit for the nine months to GBP1 ... Third-quarter top-line income in investment banking, which excludes write-downs, was GBP3. (SmartMoney)
CIMB posts record quarterly profit Nov 11, 2009
Corporate and investment banking contribution to group PBT was lower at 16% from 28% previously, dragged down by comparatively slower capital markets and higher international portfolio provisioning. CIMB Niagas contribution, meanwhile, made up 21% of group PBT compared with 13% a year ago. (The Star Online, Malaysia -- Business)
Banking: Not All Get a Bonus Nov 11, 2009
The investment banking operations of Goldman Sachs (), Morgan Stanley (), and JPMorgan Chase () are on track to this year of about $29. 7 billion, analysts say. (BusinessWeek)
The Rudd Government's attention has been understandably transfixed by executive pay. Nov 11, 2009
In other parts of the world, equal attention has been focused on the salaries paid to those in investment banking who engaged in dangerous risk-taking ... However, even in the past few months a seismic shift has emerged in investment banking salaries, and especially broking remuneration ... The big issue here is that once offers have been made, investment banking and broking houses have tended to match them rather than risk losing experienced and highly rated staff. (Sydney Morning Herald -- Business)
* HSBC says Q3 profits rose significantly on last year Nov 11, 2009
Shrugging off the falls in profit, Barclays chief executive John Varley said the group had maintained strong income momentum in the third quarter, particularly at its investment banking arm Barclays Capital. In Switzerland, Julius Baer said yesterday that its client assets grew 22 percent to 234 billion Swiss francs (US$232 million) by the end of last month compared with the end of last year amid a recovery in the financial markets. (Taipei Times, Taiwan -- World)
Barclays says profits slump as bad debts mount Nov 11, 2009
Shrugging off the falls in profit, Barclays' chief executive John Varley said the group had "maintained strong income momentum in the third quarter," particularly at its investment banking arm Barclays Capital. The British group has managed to avoid the massive government bailouts suffered by rivals Royal Bank of Scotland and Lloyds Banking Group. (Yahoo! Asia News)
Barclays, Bank of America, JPMorgan Vie to Manage Indian Share Offerings Nov 11, 2009
Barclays Capitals Asia-Pacific chairman, plans to double the London-based firms investment banking team in India as it vies to sell stock. JPMorgan hopes for a slew of disinvestment by state-run companies, said , the New York-based banks chief executive officer in India. (Bloomberg)
Ken Lewis: Merrill deal to pay off in time; savings ahead of schedule Nov 11, 2009
He praised Bank of America's "supermarket" strategy, encompassing investment banking and consumer services, as a way to build economies of scale and survive any type of economy. With the purchases of mortgage lender Countrywide Financial Corp. and investment bank Merrill Lynch, "all the pieces are now in place," he said. (Fresno Bee -- Lifestyle)
Emerging markets to lead recovery: HSBC Nov 11, 2009
LONDON: HSBC forecast that emerging markets will spearhead the economic recovery on Tuesday as the world banking giant said its third-quarter profits were "significantly" higher compared with a year earlier. In an HSBC trading 00004000 update, group chief executive Michael Geoghegan said that emerging markets would "drive the global recovery.". (India Times)
e-Rewards to buy rival Nov 10, 2009
The punch line is, definitely the IPO is back, but it s more selective than it was years ago, said Ben Koch, managing director in corporate finance of Southwest Securities Inc., a Dallas investment banking concern. You can t have a me, too story and go public. (Dallas Business Journal, TX)
Lazard eyeing new leadership structure Nov 10, 2009
Investment banking powerhouse Lazard may be leaning toward a multi-headed management structure in the wake of CEO Bruce Wasserstein's death last month ... Investment banking powerhouse Lazard may be leaning toward a multi-headed management structure in the wake of CEO Bruce Wasserstein's death last month. (New York Post -- Business)
With Jobs Scant, MBAs Consider Startups Nov 10, 2009
Once considered merely the hallway to a high-salaried career with an investment banking or consulting firm, business schools are now drawing attention from those tinkering in their garages and hoping to find the next big thing. Through virtual and traditional business incubators, business schools are helping students launch startups with everything from fund-raising and networking to finding office space and interns. (BusinessWeek)
Deutsche Bank to add 250 jobs Nov 10, 2009
The local office serves two of Deutsche Bank s subsidiaries: DB Services New Jersey Inc. and DB Security Services New Jersey Inc. Those positions were largely within investment banking, technology, and assets and wealth management, with an average wage of $49,200 plus benefits. Our success is a direct reflection of the skilled and talented, service-oriented team we have assembled, coupled with community support, said head of Deutsche Bank Jacksonville John Lafond, in the announcement. (Jacksonville Business Journal, FL)
PetroBakken Announces Third Quarter Results and Current Production of 44,500 boepd Nov 10, 2009
Bill Kanters most recently worked as Managing Director, Investment Banking for Haywood Securities Inc. in their oil & gas group where he was involved in public and private company financings and corporate finance advisory work. Bill holds an MBA, an MSc in Geological Sciences, and a BSc in Earth Science (Geophysics). (CCNMatthews Press Releases)
Josh Gotbaum may run pension board Nov 10, 2009
He later returned to investment banking and joined as operating partner in 2006. Gotbaum was chosen last year to lead the Treasury Department transition team for Obama. (Pacific Business News, HI)
Corporates pep up hiring plans with economy on upswing Nov 10, 2009
In India, the company plans to double its 35-person investment banking team over the next 18 months, Morrice added. Topics. (India Times, India -- Intl Business)
Record Bonuses Return to Wall Street as Big Three May Award $29.7 Billion Nov 10, 2009
Global heads of equities, commodities trading, interest- rate trading and investment banking each will receive total compensation that may reach at least $10 million, most of it coming from bonuses, according to the report. Morgan Stanley is among banks that are offering a larger portion of bonuses in stock and instituting so-called clawback clauses to tie incentive pay to risk, the report said. (Bloomberg)
Tarullo Says Dividing Bank Operations May Not Cut Risk to Financial System Nov 10, 2009
Congress redrew financial regulation in 1999 with the Gramm-Leach-Bliley Act, repealing Depression-era laws that separated commercial and investment banking ... Splitting apart commercial and investment banking activities would seem unlikely to limit the too-big-to-fail problem to a significant degree. (Bloomberg -- US)
Marcial: Pros Turn Cold on California Pizza Nov 9, 2009
Similarly, they have no investment banking or other financial relationships with them. writes the Inside Wall Street column for. (BusinessWeek)
No comments posted. Nov 9, 2009
FINRA said Abhishek Uppal of San Francisco, who worked in the investment banking department of Piper Jaffray & Co. from 2007 through July, was barred for buying shares of SoftBrands Inc.. According to FINRA, Uppal made the purchases while the SoftBrands was in discussions about a potential buyout, and Piper Jaffray was acting as a confidential adviser to the maker of hotelier software. (Washington Daily News, NC)
Barclays Plans to Boost Asia Employees by 10% in 2010, Robert Morrice Says Nov 9, 2009
We expect to increase the headcount across the region in our investment banking and equity businesses by about another 10 percent in 2010, Morrice, who was attending the India Economic Summit in New Delhi, said today ... In India, Barclays plans to double its 35-person investment banking team over the next 18 months, Morrice said. (Bloomberg -- UK)
The stock market and the "Obama agenda" Nov 8, 2009
e. credit rating agencies being paid by the very companies whose securities they're rating), and even resurrection of the Glass-Steagall Act separating commercial from investment banking. Today, Congress is struggling to produce the tiniest shards of regulation that would at least give the appearance of doing something to rein in the Street. (Salon)
Barclays, Nomura Lure Hundreds of Bankers as Rivals Cut Jobs, Cap Bonuses Nov 8, 2009
In July, Barclays hired , a corporate financier at Nomura, to expand the British firms investment banking business in Japan, while left Barclayss securitized-products division last month to join Nomuras U.S. fixed-income team. To contact the reporters for this story: in London at ; in London at. (Bloomberg -- UK)
Ackermann Lays Out Plan to Increase Deutsche Bank Profit, Expand in Asia Nov 8, 2009
Deutsche Bank has lured bankers in the region away from competitors including Merrill Lynch & Co., and in May named , former head of investment banking for Asia- Pacific at UBS AG, as CEO for the region, excluding Japan ... The CEO pledged to focus on core business and improve efficiency in consumer banking and asset and wealth management, which Ackermann has been expanding to cut reliance on investment banking. (Bloomberg -- Germany)
Artful Dodgers, bleeding, blue Nov 8, 2009
When the Red Sox were put up for sale in 2001, McCourt joined with an investment banking firm to explore his options. Though he was an unlikely candidate, competing with Charles Dolan, the billionaire founder of Cablevision Systems Corp., Boston Culinary Group owner Joe O Donnell, and TV producer Tom Werner (who ultimately teamed with John Henry to win the franchise), McCourt had one thing others did not: prime real estate on which to build a ballpark to replace the aging Fenway Park. (Boston Globe)
Obama envoy wanted by Lucknow police Nov 8, 2009
Having worked with Goldman Sachs since 1983, and elected as a partner of the investment banking business in 1996, Zeitlin was serving the organisation as COO when he called it quits to set up Independent Mobile Infrastructures (IMI) (Private) Limited in 2005. In its foreign direct investment application, cleared by the Cabinet Committee on Economic Affairs (CCEA) on January 18, 2007, IMI proposed to invest Rs 3,000 crore in the telecom infrastructure sector in India. (India Times, India)
Monsanto's weedkiller problem Nov 8, 2009
" The is even neater -- a very cool application that takes advantage of the capabilities of Google Maps, and allows you to quickly calculate the cost of a solar system for your home. In just a few minutes, I inputted a years worth of PG&E data on my gas and electricity expenses into Berkeley SolarMap's online calculator, plugged in my address so that system could estimate my available roof square footage from satellite photos, and ended up with an estimate for how much a system would cost and... (Salon)
