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Christopher Mallon has joined Lazard’s financial advisory team as a senior adviser concentrating on global restructuring, at a time when that line of business is likely to become very busy. -
Insolvency and restructuring practitioners have been catapulted into an unprecedented whirlwind of activity by the coronavirus, as even healthy companies suddenly find themselves staring over a financial precipice. In the UK, the government will change insolvency rules to ease these situations, but specialists believe there is more to be gained by using existing laws better.
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JP Morgan has taken an $820m writedown on its book of bridge loans, nearly halving its investment banking revenues for the first quarter. However, the bank is not hurrying to exit these positions. Chief executive Jamie Dimon said “a couple” of its bridges could be syndicated this quarter if conditions are supportive.
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HSBC has overhauled the structure of its global banking business for the second time in as many years in a push to cut costs and bring its commercial and investment banking divisions closer together.
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RBC Capital Markets said it had hired Joe Sayers, a former Yorkshire county cricketer, as head of high yield and loan sales.
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Official financial lifelines to keep UK companies alive through the coronavirus pandemic are already having a tangible effect. Shares in Redrow, the UK housebuilder, rose 7.5% on Thursday morning after it announced it had been approved to borrow up to £300m from the Bank of England’s commercial paper facility for investment grade companies.
