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Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
The launch of a €35bn exchange offer for Germany’s Commerzbank marks a decisive attempt to break a stalemate that has frustrated Andrea Orcel in his quest to turn UniCredit into a pan-European banking champion
Bank strives for ‘complete global offering’ in M&A and ECM but market conditions hang in the balance
‘New kid on the block’ disrupts established order with lead role on Schroders takeover
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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. -
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.
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Citi has hired Shawn Borisoff into its global asset managers group, one of the final pieces in its long-running build out in sponsors coverage and leveraged finance. GlobalCapital understands the bank is still looking to hire for M&A and advisory, but Borisoff represents the final piece of the sponsors build-out.
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Regulators and market participants are increasingly concerned about the spikes in repo rates at the end of quarters and years. Last year finished with a particular squeeze in the European market — perhaps exacerbated by the huge fines faced by Deutsche and Credit Suisse last year.
