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  • BNP Paribas hires UK advisory head — Créd Ag’s credit unit chief moves to markets role — AIIB hires ICBC loan syndicator.
  • The US Federal Reserve delivered what one syndicate banker termed a “hawkish cut” on Wednesday, as US Federal Reserve chairman Jerome Powell indicated there is no hurry to follow the 25bp interest rate cut with further monetary loosening. Emerging market bonds and US equities sold off as the mood darkened, with fears that further selling will be triggered. Sam Kerr, Lewis McLellan and Francesca Young report.
  • The head of equity capital markets for the German speaking region at Bank of America Merrill Lynch has left the bank and retired after more than two decades in the investment banking industry.
  • Aston Martin’s £79m loss in the first half of 2019 drove its shares down to £4.98 by Wednesday’s close — a huge 73.8% fall from its £19 IPO price last October, making it one of the worst performing UK IPOs of the past decade.
  • Andrew McNaught will lead BNP Paribas’ UK advisory team from the end of the month, as the French bank plans to develop its corporate operations in the country “further, faster”.
  • The focus was on costs in the second quarter results of BNP Paribas and Société Générale’s investment banks, announced this week. BNP Paribas managed to keep a lid on expenses and could boast of "positive jaws", but SG took on a big charge from its restructuring.
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