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Corporate broking relationships endure for decades and build deep roots between both individuals and institutions, enabling banks to win outsized revenues from clients they serve. No wonder that a new crop of banks are expanding their ambitions
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
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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
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Mizuho has appointed Andrew Dewing, the former head of US corporate finance, to become head of North American banking.