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Banks welcome UK’s relaxed prospectus rules as IPO pipeline swells
Originator hired to go after bank bond issues in euros and dollars
With Sergio Ermotti set to step down as group CEO, chairman Colm Kelleher favours an orderly, internal succession. But in a critical year for the bank, there could be turbulence ahead
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Goldman Sachs, for once, is not the darling of the Street, as first quarter numbers from the US major banks show the firm struggling to keep up with its peers, despite a benign backdrop for credit trading, the major strength of its fixed income division. -
Jefferies is building out its CEEMEA trading operations, and eventually plans to add primary markets, derivatives and local currency trading to a revitalised business.
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JP Morgan, Citi and BAML have gained most from industry tailwinds during the first quarter, while Goldman Sachs lagged behind. But the spectre of regulatory reform threatens the universal model just as it is gathering real momentum, writes David Rothnie.
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Standard Chartered has created a new unit to house its private financial markets business, to bring more focus to its debt product structuring and distribution.
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Deutsche Bank has novated some of its SSA new issue swaps to a US bank, according to a source with knowledge of the situation, in a move which should help the bank stepping in to cut its risk position. The sale comes shortly after Deutsche said in a strategy update that it wants to improve its SSA operation.
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Credit Suisse and UBS have strengthened their grip in their home market, but with Switzerland leading Europe’s cross-border M&A revival, they face stiff competition from ambitious foreign rivals, writes David Rothnie.
