Lehman Brothers to sell Neuberger unit and more
by Gill Montia
Story link: Lehman Brothers to sell Neuberger unit and more
Embattled US investment bank, Lehman Brothers, is planning the sale of 55% of its investment management business.
The business includes its prized Neuberger Berman wealth management unit and the sale could raise as much as £3 billon.
The 158-year-old bank, which is currently seen as the most vulnerable on Wall Street, is also disposing of to [...]
Pressure rises for Lehman Brothers
by Gill Montia
Story link: Pressure rises for Lehman Brothers
Widespread relief over the US Treasury’s rescue of mortgage companies, Fannie Mae and Freddie Mac, has been followed by fresh concerns over Lehman Brothers, which is currently seen as Wall Street’s most vulnerable investment bank.
The firm is widely seen as undercapitalised and reported a loss of $2.8 billion in the second quarter of 2008.
Shares [...]
Baird begins investment banking in Asia
by Richard Kilner
Story link: Baird begins investment banking in Asia
Capital markets, private equity, wealth and asset management firm Baird has announced that it has expanded its global platform with the addition of investment banking capabilities in Asia.
Baird has appointed industry veteran Anthony Yan-Hong Siu as a managing director to handle cross-border M&A, collaborating closely with his counterparts in the USA and Europe.
Siu, who joins [...]
HSBC prepares counter-bid for Lehman Brothers
by Gill Montia
Story link: HSBC prepares counter-bid for Lehman Brothers
Yesterday’s news that the Korea Development Bank (KDB) had confirmed that it was bringing together a consortium to acquire a stake in Lehman Brothers, the troubled US investment bank, has been followed by reports that HSBC is preparing a counter bid.
South Korea’s Chosun Ilbo newspaper has reported that HSBC is developing its plans with an [...]
Korean Development Bank prepares bid for Lehman Brothers
by Gill Montia
Story link: Korean Development Bank prepares bid for Lehman Brothers
Korean Development Bank (KDB) has confirmed it is in the process of bringing together a consortium of investors that could provide an injection of cash for Lehman Brothers.
The troubled investment bank is currently seen as the most vulnerable on Wall Street because write-downs on its commercial and residential mortgage assets could substantially reduce its value.
According [...]
VTB appoints CEO for Europe
by Richard Kilner
Story link: VTB appoints CEO for Europe
Russia’s VTB Group has announced the appointment of Herbert Moos as the new chief executive officer of VTB Bank Europe plc., which falls under the umbrella of the Group’s Investment Business.
He leaves behind his role as chief financial officer of Asia-Pacific (less Japan) with US investment bank Lehman Brothers, where he worked for 14 years.
Moos, [...]
Banking shares plummet on economist’s warning
by Gill Montia
Story link: Banking shares plummet on economist’s warning
Banking shares in the US and UK took a pounding today as the former head of the International Monetary Fund warned that the worst of the credit crunch may not have passed.
Professor Kenneth Rogoff, who is now an economist at Harvard University, was speaking to an audience of delegates in Singapore when he predicted [...]
Merrill Lynch freezes jobs and UK tax liability
by Gill Montia
Story link: Merrill Lynch freezes jobs and UK tax liability
Investment bank, Merrill Lynch, is continuing its cost-cutting programme with a freeze on staff recruitment that will cost further jobs in the UK.
According to reports in the press, the bank has warned staff that 5,000 job cuts worldwide are to be followed by a recruitment freeze that will shrink its 4,500 London-based staff further.
It is [...]
Nomura bolsters foreign exchange division
by Richard Kilner
Story link: Nomura bolsters foreign exchange division
Nomura has bolstered its Foreign Exchange market capability with the appointment of Bernd Bröker.
He brings great experience to his role, having served with Bear Stearns for more than a decade as European head of Foreign Exchange and Commodities, global head of Foreign Exchange Derivatives and European co-head of Emerging markets.
During his career he has also [...]
Evercore Partners signs deal with G5 Advisors
by Richard Kilner
Story link: Evercore Partners signs deal with G5 Advisors
International investment banking boutique, Evercore Partners, has forged an alliance with G5 Advisors, an investment banking firm based in São Paulo, to jointly offer advice to Brazilian companies about cross-border transactions.
Evercore and G5 will collaborate closely to offer advisory services relating to transnational M&A deals between companies based in Brazil and those outside of South [...]
Credit Suisse bolsters Indian investment banking team
by Richard Kilner
Story link: Credit Suisse bolsters Indian investment banking team
Credit Suisse has announced a trio of appointments to bolster its investment banking capabilities for India.
The Mumbai-based Investment Banking Department gains two new managing directors, Sughosh Moharikar and Samita Sha.
Moharikar leaves behind the position of executive director and M&A chief with Kotak Mahindra, where he worked for 14 years, to join the firm.
He will assume [...]
Blackstone Group launches cleantech energy group
by Richard Kilner
Story link: Blackstone Group launches cleantech energy group
Asset management and financial services firm The Blackstone Group has formed a new business group, dedicated to investments in the cleantech energy sector.
In addition, the newly established group will offer advice across Blackstone regarding renewable energy sources.
James Kiggen is to lead the new group, having joined Blackstone as a senior managing director in the Corporate [...]
Société Générale appoints global chief economist
by Richard Kilner
Story link: Société Générale appoints global chief economist
French firm Société Générale Corporate & Investment Banking has announced the appointment of Bijal Shah to the post of global chief economist.
Shah joins the firm from hedge fund RAB Capital, where for the last year he served as global macro fund manager.
Earlier he spent a decade with Société Générale Corporate & Investment Banking as a [...]
Merrill fundraises again as it offloads CDO exposure
by Gill Montia
Story link: Merrill fundraises again as it offloads CDO exposure
Investment bank, Merrill Lynch, has announced plans to raise $8.5 billion in new capital, after revealing that it will be writing down $10.6 billion in the third quarter of the year.
According to a report in The Telegraph, Merrill has already written down $40 billion since the onset of the credit crisis.
The bank has raised $23.5 [...]
JP Morgan and Merrill post second quarter results
by Gill Montia
Story link: JP Morgan and Merrill post second quarter results
US investment bank JP Morgan Chase has recorded second-quarter profits above market expectations.
The firm wrote down $1.1 billion during the quarter and net profit fell year-on-year by 53%, to $2 billion.
However, $540 million of the write down was in connection with the firm’s acquisition of Bear Stearns, in May.
The news was well received by Wall [...]
Cowen Group hire technology MD
by Richard Kilner
Story link: Cowen Group hire technology MD
Paul Griffin is to join Cowen Group, it has been announced.
He leaves behind Oppenheimer & Co. where he worked as MD and leader of the Boston-based Software Investment Banking Group.
Earlier in his career Griffin worked for CIBC World Markets, as MD of the Technology Investment Banking Group.
Griffin will serve as a managing director in Technology [...]
Houhilan Lokey recruits London office director
by Richard Kilner
Story link: Houhilan Lokey recruits London office director
International investment bank Houlihan Lokey has announced the appointment of Florus Plantenga as a director in the London office.
He joins the firm from Société Générale Corporate and Investment Banking, where he served in London and Paris for the last five years.
Earlier in his career he also worked for investment banks Merrill Lynch, JP Morgan and [...]
London job losses expected at Citigroup and Goldman Sachs
by Gill Montia
Story link: London job losses expected at Citigroup and Goldman Sachs
Citigroup and Goldman Sachs have embarked on further rounds of job cuts.
Both banks are reducing headcounts globally and jobs in the City are under threat with staff cuts of up to 10% expected in some areas of the business.
In the case of Goldman Sachs, the latest job losses will be in addition to the 5% [...]
Credit Suisse cuts 75 London jobs
by Gill Montia
Story link: Credit Suisse cuts 75 London jobs
Credit Suisse, Switzerland’s second largest bank, is reducing staff numbers in its UK investment banking division by 75.
The bank, which has its UK operations headquartered in London’s Canary Wharf, is blaming market conditions for its latest round of job cuts, having already reduced the headcount in its investment banking unit by around 1,000 this year.
The [...]
Olivant increases stake in UBS
by Gill Montia
Story link: Olivant increases stake in UBS
Swiss investment bank, UBS, is receiving renewed interest from Olivant, its activist investor headed by former chief executive of the bank, Luqman Arnold.
This week Olivant raised its stake in the group to 2.5% (up from 1.1% earlier this year) and has continued its calls for a review of the bank’s strategy.
UBS has suffered greater losses [...]
