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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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Deutsche Bank has committed to building an investment bank that is more efficient and simpler to understand. But with another round of managerial changes to go, it still looks pretty complicated, writes David Rothnie. -
EU-mandated transparency rules could open the door to a surge in algorithmic and high frequency trading in government bonds — lowering costs for banks, but potentially weakening the close relationship between governments and their primary dealers.
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P&M NotebookDeutsche Bank announced the next layer of its management changes on Thursday last week, and while GlobalCapital can give the byzantine politics on Deutsche its best shot, one clearly welcome sign was a return to ordinary names.
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ICAP’s agreement to sell its voice broking business to Tullett Prebon, signed on Wednesday, will free the former's profitable electronic trading, post-trade and indexing businesses from the regulatory capital pain that comes from being part of a broker. Meanwhile, Tullett Prebon will become the largest player in hybrid voice broking, taking over ICAP’s voice and information business.
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Miles Millard, co-head of EMEA corporate finance and head of capital markets and treasury solutions, will leave Deutsche Bank after 27 years, as new co-chief executive John Cryan outlines his top team in corporate and investment banking and global markets.
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RBS’s plan for its investment bank assumes no revenue attrition in the division, despite further ambitious cost-cutting plans that will take out £2bn of costs in the next three years.
