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The European Union faces its bitterest internal conflict yet, with member states drawing battle lines over the receipt of EU funds becoming dependent on states adhering to the rule of law. The conflict risks delaying or sinking the EU’s recovery fund, but capitulating would weaken its ability to oversee how the money is used, writes Lewis McLellan.

UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.

Deutsche Börse has beefed up its offering in sustainable finance and corporate governance services through purchasing a majority stake in ISS, the ESG data and analytics provider.

As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.

Boris Johnson, UK prime minister, announced on Tuesday night a 10 point plan for the environment, including phasing out petrol cars by 2030. But policy specialists are disappointed that the plan lacks financing commitments and especially that there is no announcement of a national investment bank.

The EU recovery fund has hit a major obstacle in its journey to capital markets. Hungary and Poland have vetoed the "own resources decision", which would allow the EU to access the bond market on its own account.

Gregg Lemkau is leaving Goldman Sachs at the end of the year and will head up an alternative investment firm linked to tech entrepreneur Michael Dell. Jim Esposito will take over as joint head of the investment banking division at Goldman.

Ben Smyth, the whistleblower and former debt capital markets banker who took UBS to court, has been hired as an investment officer by the litigation funder Therium Capital.

The Financial Stability Board has said that it will look at policies to address systemic risk when it comes to financial intermediation involving non-banks, as it seeks to learn lessons from the market meltdown at the cusp of the coronavirus crisis in March.

The UK this week abandoned hope of winning a mutual deal on financial regulation equivalence with the EU, and did what many had expected: unilaterally granted European firms access to the UK’s market without gaining matching rights for UK firms. But although this looked like surrender, lawyers believe the UK might have the upper hand.

A Joe Biden White House offers an opportunity for international and regional multilateral financial institutions to lobby for extra financing to deliver essential assistance to countries hit by Covid-19, according to experts.

Jefferies has enjoyed a record year in European investment banking, powered by equity capital markets, writes David Rothnie.