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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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With the value of withdrawn deals hitting a three-year high, it’s time for M&A bankers to start delivering some home truths to their clients. David Rothnie writes.
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With the integration of Lehman Brothers to worry about, Nomura was not able to reap the rewards of the post sub-prime crisis trading boom. But with conditions now looking worse than ever, the Japanese bank may have to sacrifice its pure-play model if it is to succeed in investment banking, writes David Rothnie.
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European investment banking could be finally heading towards the seismic shift that senior bankers have predicted almost since the start of the subprime crisis — the division of the industry into two very traditional arms, one comprising the huge commercial lending and trading firms, and the other being specialist merchant banks.
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Sergio Ermotti, appointed this week as UBS’s new group chief executive, announced on Thursday afternoon a big reduction in the scope and scale of UBS’s investment bank. Speaking at the firm’s investor day, hosted in New York, Ermotti outlined a halving of risk weighted assets in the investment bank and the exiting of business lines that are inefficient users of capital.
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After a brutal third quarter, the French bank is applying its usual caution to its European development, but has no plans to stop expanding — and is eyeing a foray into corporate broking, writes David Rothnie.
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JP Morgan has reshuffled its capital markets management structure in a move that bankers at the firm said reflected an increasing need for an integrated global product approach to clients’ needs.