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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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Royal Bank of Scotland is expected to cut about 3,500 jobs in wholesale banking this year, as it pulls out of cash equities, corporate broking, equity capital markets and mergers and acquisitions advice. But debt capital markets businesses appeared to remain sheltered from the cuts.
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Royal Bank of Scotland bankers have responded with a mixture of resignation, frustration and impatience to leaks about the strategic review of its investment bank. Sources say the bank envisages a maximum of 5,000 job cuts in its investment bank, half the number reported elsewhere this week.
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As RBS takes the knife to its global banking and markets division, buying the equities platform would be an ideal way for one of the emerging forces in global investment banking to enter this business, writes David Rothnie. The problem is there are few candidates willing or able to take it on.
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Krzysztof Walenczak resigned from his position as undersecretary of state at Poland’s ministry of treasury just before the Christmas break.
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Capital markets professionals are likely to be distracted from work in the coming weeks by gossip about bonuses, as banks announce their awards and it becomes clear how stressed markets and political pressure are affecting compensation.
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Avoca Capital Holdings, a €6bn sub-investment grade fund management specialist, has hired a convertible bonds team and plans to launch its first fund targeting the asset class early next year. It is making the move into CBs ahead of what some predict will be a busy 2012 as high yield corporates struggle to refinance loans from a capital-constrained banking sector.