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Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Bank M&A is back on the agenda, but talk of SMBC buying Jefferies is premature. The two firms are prioritising their multi-stranded alliance and a takeover now would jeopardise it
I don’t need to work, but I’m tempted to go back
Corporate broking relationships endure for decades and build deep roots between both individuals and institutions, enabling banks to win outsized revenues from clients they serve. No wonder that a new crop of banks are expanding their ambitions
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Western banks face a test of their nerve in Russia following the creation of a new domestic banking behemoth. Their mandates and their staff are under threat, writes David Rothnie.
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Bank of America Merrill Lynch has torn up the tri-head structure that it had in place at the top of its global corporate and investment banking (GCIB) division, opting instead to promote Christian Meissner to be sole head.
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Matthew Westerman, a veteran of the European equity capital markets and most recently global head of ECM at Goldman Sachs, is off to Asia to become co-head of the bank’s investment banking business in the region.
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Bankers at Jefferies International expect to lose a small number of UK corporate brokerships as the firm’s acquisition this week of Hoare Govett from Royal Bank of Scotland beds down. But the longer term outlook for the broker is positive, they say, as mid-caps could find themselves less well served by bulge bracket firms.
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UK companies will be restrained in their ability to take advice from shareholders as a result of the Financial Services Authority’s insider trading case against David Einhorn and Greenlight Capital, the hedge fund manager warned this week after he and his firm were fined a total of £7.2m for market abuse.
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Barclays Capital’s goal to be a top three player across all market products may seem ambitious. With the build-out now behind it, the bank believes it can be done. But staff will be under more pressure than ever: there will be no excuses for missing a deal, as David Rothnie writes.