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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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Banks outside the bulge bracket are pushing to be allowed more influence and information in high yield bond syndications, which have traditionally been tightly controlled by the top banks. Victor Jimenez reports. -
Nordic companies are showing a strong willingness to adopt the renminbi for payments which is a creating an opportunity for Sweden’s SEB Paula da Silva, head of transaction services at SEB, told GlobalRMB at the recent Sibos conference held in Singapore.
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P&M Notebook
The phrase 'hard decisions' is usually a euphemism, meaning unemployment for the many and bonuses for the few. That could certainly be the relationship between Credit Suisse’s rates business and incoming chief executive Tidjane Thiam, after the latter announced his new strategy for the bank on Wednesday last week.
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Standard Chartered has decided to exit its equity derivatives and convertible bonds businesses in yet another move by the bank to bolster its performance by withdrawing from non-core operations.
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The UBS comparisons were unavoidable, but the contrasts are stark. Instead of turfing out hundreds of traders on a windy autumn morning, leaving panic and rumour to flood the City, Credit Suisse laid out its equally radical restructuring in a sober seven hour PowerPoint marathon.
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Tidjane Thiam’s new strategy for Credit Suisse constitutes a ringing endorsement of the firm’s investment banking department, the unit housing its advisory and underwriting businesses. In an airless room in London’s Canary Wharf, the department completed its transformation from ugly duckling to an essential component of Credit Suisse’s empire, writes David Rothnie.
