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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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Nomura has cut up to 30 jobs in its Asia ex-Japan equities unit amid a wider shake up in its overseas operations, with personnel leaving across cash equity, research and equity syndicate. -
A lack of high quality M&A talent, and the need for a quick fix, is driving a new wave of recruitment by big banks, writes David Rothnie.
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The Financial Conduct Authority’s study of competition in investment banking has found no need for action over competition in the primary debt markets, in contrast to equities (see separate story). However, the regulator said it will closely monitor the use of reciprocity to award mandates, particularly in covered bonds.
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Nomura plans to close most of its equity operations in Europe, shutting down origination, research, sales and equity derivatives, though it will keep a sales force focused on bringing Asian products to European clients.
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JP Morgan announced a recommitment to fixed income, an area where many rivals are retrenching, in its annual letter to shareholders.
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European and US banks have positioned themselves at the forefront of the Chinese M&A boom, but beware the ambitions of domestic players, warns David Rothnie
