Piper Jaffray Companies and Sandler O’Neill + Partners, L.P. confirmed media reports of an acquisition by officially announcing that they signed a definitive agreement giving Piper Jaffray the right to acquire 100 percent of the equity and partnership interests of Sandler O’Neill for $485 million. The proposed acquisition will combine Sandler O’Neill, which has been… Read More >>
Deutsche Bank to Lay Off 18,000 Employees
Deutsche Bank is taking a dramatic step to revive its good fortunes by severely cutting back its investment banking activities, resulting in a global layoff of 18,000 staff, an executive shake-up, and aggregate charges totaling €3 billion ($3.4 billion) for the second quarter of this year. “The restructuring actions will include a workforce reduction of… Read More >>
UBS Moves to Expand IB Ops in China
UBS is taking steps toward expanding its investment banking presence in mainland China and is likely to double its staffing there, including additional back office personnel. “What we can say is the following,” a spokesman for UBS tells FTF News. “UBS has been holding talks since last year [2016] with several shareholders about buying their… Read More >>
Will Investment Banking Join the Digital Age?
A new report by Greyspark Consultancy, “Digital Transformation of Investment Banking,” shows that investment banks can learn a few lessons from the automotive and aircraft industries in the way they tackle regulation, competition and fickle customers. This new operating model will not only enable them to comply with new rules but become leaner and more… Read More >>
Two Ex-Rabobank Traders Face Jail Time in the U.S.
While U.S. presidential candidates cry for more investment banking personnel to be in orange jumpsuits, two former derivatives traders for Rabobank, headquartered in Utrecht, The Netherlands, might one day be donning new outfits as they have been sentenced to serve time in a U.S prison. The sentencing of the two British nationals last week followed… Read More >>
Credit Suisse to Slash 4,000 Jobs in 2016
Credit Suisse will be cutting approximately 4,000 positions including employees, contractors and consultants as part of a major cost-cutting effort as the Swiss banking giant faces a steep loss for the fourth quarter of 2015 and a loss for the year. The loss for the fourth quarter of 2015 was a steep drop of 5.8… Read More >>
Barclays to Lay Off 1,000 in Investment Banking
Barclays will be shrinking its investment banking staff in Asia and elsewhere by 1,000 or so as a result of the bank’s decision to exit markets that are proving to be a challenge for global financial services firms. Overall, the investment bank of Barclays “will continue to focus on its two home markets in the… Read More >>
Piper Jaffray Hires for New Financial Services Group
Piper Jaffray Companies, an investment bank and asset management firm, is making a “full-scale entry into the financial services sector” via a financial institutions group (FIG) that will include partners in sales and trading, equity research, fixed income and investment banking — all focused exclusively on financials coverage, officials say. “We remain focused on significantly… Read More >>
BofA Names Co-Heads for Global Investment Banking
Bank of America (BofA) has named Karim Assef and Diego De Giorgi as co-heads of its Global Investment Banking group in an effort by the bank “to strengthen our ability to serve our most important clients,” BofA officials say in an internal memo. Assef and De Giorgi will report to Christian Meissner, who is head… Read More >>
Guggenheim Securities Hires from Blackstone Group
Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, has hired James Schaefer from the Blackstone Group, where he served as head of global power, energy and renewables for Blackstone Advisory Partners, officials say. Schaefer will join the firm’s investment banking department as a senior managing director covering the energy, power and… Read More >>
