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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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Morgan Stanley’s CEO James Gorman is keeping his succession options open while the firm navigates choppy waters, writes David Rothnie. Alongside the four candidates from the investment bank, asset management head Greg Fleming is an intriguing fifth option.
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Simon Fraser is retiring from Bank of America Merrill Lynch after 16 years at the firm, including the last eight as co-head of its successful corporate broking unit.
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UBS is starting to look like Dresdner Kleinwort and may soon have a fate to match, writes David Rothnie. Chief executive Ossie Gruebel has lost his job after losing his famed golden touch with the Swiss regulators. Sergio Ermotti, the bank’s interim CEO, has a lot of legacy to deal with.
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The chief executives of Russia’s two stock exchanges met London-based investors on Tuesday as the merger of the companies moves closer. The tie-up between Micex and RTS should make it easier for international investors to trade in Russia — possibly reversing the offshore flow of equity capital markets business, they said.
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The sale of UK mid-cap specialist Evolution Group is just the start in the remodelling of the equities landscape. Plenty of much bigger firms will need to reconsider their expansion plans, writes David Rothnie
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The trading scandal that has cost UBS $2bn could have fatal repercussions for its investment bank, sources at the firm have warned.