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Bank strives for ‘complete global offering’ in M&A and ECM but market conditions hang in the balance
‘New kid on the block’ disrupts established order with lead role on Schroders takeover
Investment bank, like the group, wants to diversify outside France, and will lead with its strongest suit, real assets
The Spanish bank is building out its industry and product teams after doubling down in North America
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The unravelling of Merrill Lynch’s FIG group by Bank of America, even if unintended, was almost complete this week, after the departure of two of its most important bankers in London. The bank wants to strengthen its DCM business in the corporate and government bond sectors but its dominance in FIG now looks fragile, writes David Rothnie.
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Prudential’s audacious $35bn bid for AIA has shaken-up the once cozy world of FIG advisory. David Rothnie assesses the positions of those involved, from Credit Suisse’s elevation to UBS’s odd absence.
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Bharti Airtel’s $10.7bn all-cash bid for the African mobile-phone operations of Kuwait’s Zain, has investment bankers dreaming of the good old days — the promise of big fees on a trophy M&A deal and the opportunity to prove they are lending again in high-growth markets. David Rothnie reports.
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After a bruising bonus round, the industry must mobilise to shape its own destiny and fight regulatory intervention, writes David Rothnie
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When Jerry Del Missier started describing Barclays Capital as a "flow monster", it provoked amused irritation over at Deutsche Bank. After all, it was Anshu Jain, the bank’s imperious head of global markets, who coined the phrase. Now it appears BarCap’s plagiarism has extended to the far more serious area of market share. For the first time, Barclays provided a breakdown of its fixed income currencies and commodities division at its annual results presentation last week, and it makes uncomfortable reading for Deutsche. BarCap’s FICC division brought in £12.9bn (Eu15bn), compared with Eu9.7bn for Deutsche.
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UBS’s investment bank is back in the black but chief executive Oswald Gruebel is not yet shouting from the rooftops. Equity capital markets revenues surged — helped by the firm’s integrated approach — while fixed income recovered but the next big test will be how the firm performs as M&A deals rebound, writes David Rothnie.