Stuart Gulliver to Retire February 2018 HSBC Holdings plc reports that John Flint, 49, chief executive of retail banking and wealth management, will succeed Stuart Gulliver as executive director and group chief executive, following Gulliver’s retirement in February 2018. Flint’s remuneration in his new post will consist of a “base salary of £1,200,000 per annum… Read More >>
Brexit-Born Bank Exodus Begins
Frankfurt and Dublin are emerging as the favorite hotspots for foreign banks as United Kingdom and continental European negotiators hammer out a Brexit deal by March 2019. Although many observers believe that the Brexit process will take longer than the earmarked two-year period, there has been a spate of announcements because banks, fund managers, insurers… Read More >>
Research Analysts Could Be Casualties of Unbundling
As MiFID II draws closer, there has been a spate of reports predicting the dire consequences of unbundling on Europe’s investment banks. The separation of research from execution is expected to lead to hundreds of job losses for research analysts as banks restructure their operating models, according to a new report from consultancy McKinsey. The… Read More >>
U.K.’s Chancellor Takes Softer Brexit Stance
The official Brexit negotiations started earlier this week with the meeting of Brexit Secretary David Davis and his European Union counterpart Michel Barnier. However, the battle lines are being drawn more on the U.K. domestic side than continental shores as Chancellor of the Exchequer Philip Hammond broke ranks by calling for Britain’s softer departure from… Read More >>
London Could Lose 9,000 Bank Jobs in First Brexit Wave
Although the U.K. hopes to retain as many financial services activities as possible in the wake of Brexit, big banks are making contingency plans and could shift at least 9,000 jobs out of the country, according to a tally collated from Reuters. To date, 13 major banks including Goldman Sachs, UBS, JPMorgan, Deutsche Bank and… Read More >>
Wall Street Banks Push Back on Trump Travel Ban
President Donald J. Trump’s executive order banning people traveling to and from seven countries in the Middle East has had many ripple effects across many circles, including Wall Street. Yet, while the political ramifications have been explosive, the staffing and hiring impacts may turn out to be minimal for Wall Street firms, according to key… Read More >>
Trump Pick Spurs Executive Shuffle at Goldman Sachs
An executive shuffle is underway at investment banking giant Goldman Sachs as Gary D. Cohn, president and chief operating officer (COO) for the firm, has agreed to become the top economic policy adviser to President-Elect Donald J. Trump. The Trump transition team and Goldman Sachs officials confirm the appointment of Cohn, and Lloyd C. Blankfein,… Read More >>
Goldman Sachs Shuffles Fixed Income, Equity Executives
A major executive shuffle is underway for the fixed income and equities sales businesses at Goldman Sachs as the Wall Street giant bids farewell to industry veterans and adjusts to new market realities. In a series of internal memos obtained by FTF News, Goldman Sachs announced that Tom Cornacchia, co-head of global fixed income, currency… Read More >>
Media Reports Say Misys Owner Mulling IPO
Misys, a 37-year-old banking and capital markets software systems provider, may be entering the public markets again, according to media reports about the matter. In mid-August, The Times of London, citing industry sources, ran with a story that Misys was getting ready to launch a £5.5 billion ($7.3 billion) listing via the London Stock Exchange…. Read More >>
SEC Bars Ex-Goldman Sachs Trader from Securities Industry
The SEC reports that Edwin Chin, the former head trader in residential mortgage-backed securities (RMBS) at Goldman Sachs, has “agreed to be barred from the securities industry and pay $400,000 to settle charges that he repeatedly misled customers and caused them to pay higher prices.” That payment represents $200,000 in disgorgement, $50,000 in prejudgment interest… Read More >>
