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New equity capital markets talent and Bernstein joint venture have helped Société Générale win eye-catching mandates. Next, it will expand sector teams
BNPP is rebuilding strength in advisory in France
I thought the grass would be greener in fintech land, but it’s patchy and dreary
Years of underperformance are behind it and the bank has launched a new growth plan
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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.
  • 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.
  • 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.
  • 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
  • FIG
    The trading scandal that has cost UBS $2bn could have fatal repercussions for its investment bank, sources at the firm have warned.
  • For Marcel Proust, the smell of madeleines unlocked the remembrance of things past. Meeting Bill Browder of Hermitage Capital Management again after many years provokes my own moment of restaurant-related reverie. In Moscow in the spring of 2002, Bill bought me dinner. This jaunt was purely for my entertainment. Bill Browder was and is a serious-minded man and — though highly successful — slightly diffident and certainly not given to ostentatious displays of wealth. Mario’s, and its clientele, were the opposite: it was feeding time at the oligarch zoo and Bill had provided front row seats.