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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 Gulf region is not providing the fees gold rush that investment banks have promised to shareholders and analysts. Instead, the deployment of top Western executives to the region is often little more than window dressing and the banks involved risk losing focus on what remain their primary revenue-generating businesses in the US and Europe, writes David Rothnie.
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After unveiling what appeared to be a niche strategy in emerging markets M&A, Barclays Capital is actually building a global business one cautious step at a time.
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Marcel Rohner’s new strategy for UBS leaves it torn between separation and togetherness, and lays down the law to his investment bankers that they have to produce for the wider group. It’s not going to be easy, says David Rothnie.
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If anyone had suggested 18 months ago that HSBC’s investment banking business would be turning a healthy profit in 2008 while luminaries such as Citigroup, Lehman Brothers, UBS and Merrill Lynch would be racking up losses, they would have been pointed in the direction of a good psychiatrist. David Rothnie finds that a novel strategy is paying dividends.
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The appointment this week of an outsider, Naguib Kheraj, to run JP Morgan Cazenove shows how far the former stockbroker to the Queen has moved from its traditional roots to the investment banking mainstream. Kheraj, though, has a lot of work to do if he is to take the firm even further as the 2010 date when JP Morgan can exercise its option to take full control of the business looms.
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Does Merrill Lynch still have the balance sheet firepower to support its top clients? Yes, says David Rothnie, so long as it continues to be choosy over the deals it backs. At the moment that means trophy mandates in the financial institutions business trump the needs of lesser clients.