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Uber, Lyft, China and more — top tech investment bankers share their biggest hopes and fears for IPOs in 2019

“Private equity IPOs for tech companies are not entirely unprecedented, though investors have only recently shifted their attention toward growing companies rather than cutting costs” writes Becky Peterson for businessinsider.com. While bankers said they are keeping a watchful eye, most still expect there to be around 50 US tech IPOs in 2019.Tencent Music, China’s largest music streaming company, went public on the New York Stock Exchange on Dec. 12 with a $21 billion market cap. Source: businessinsider.com Share This:

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Fed’s Kaplan: Central bankers need to show patience on rate hikes as economy slows

“Central bankers need to show patience on future interest rate hikes as the U.S. economy slows, Dallas Federal Reserve President Robert Kaplan told CNBC on Thursday” writes Berkeley Lovelace Jr for cnbc.com. The current target range for the central bank’s benchmark federal funds rate, which banks charge each other for overnight lending, stands at 2 percent to 2.25 percent.”We’ve raised rates eight times over the last 2½ or 3 years,” said Kaplan, who is not a voting member on the central bank’s policymaking committee this year or next year.Kaplan said…

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Goldman Sachs and UBS have actively poached senior dealmakers from rivals this year — but their fortunes have been notably different

“Bank executives have said that UBS’ investment bank is focused on profitability, not on scale and giving out loans to lure clients” writes Alex Morrell for businessinsider.com. That figure doesn’t include Andrea Orcel, the hard-charging London-based global investment banking chief, who left for Santander in September.UBS is absent from the top-10 on the US investment banking league tables and comes in 9th in overall investment banking revenue globally, according to Dealogic.The bank has lost at least 21 senior bankers in the US, according to headhunters— second only to Deutsche Bank. Source:…

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Bankers’ pot push gets boost from blue wave, Sessions ouster

“Elizabeth Warren (D-Mass.) that would shield cannabis businesses from federal restrictions if they complied with state or tribal laws on marijuana” writes Jack Shafer for politico.com. Lenders are asking Congress to enact a safe harbor for banks and credit unions to serve marijuana businesses because the drug remains illegal at the federal level.The American Bankers Association, which represents large and small banks, “is really starting to assist with this,” Perlmutter said. Source: politico.com Share This:

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Investment banks are waging a war for star talent in 2018. Here are the banks that won — and the banks that lost.

“Wall Street investment banks have been poaching rival dealmakers at a rampant pace this year” writes Skye Gould for businessinsider.com. Barclays, Credit Suisse, JPMorgan, and Morgan Stanley each saw a greater proportion of its senior dealmakers leave for rival global banks.Citigroup, by way of example, hired more than 20 MDs globally in its corporate and investment bank last year, including lifting a top consumer-retail team from Bank of America, which sparked a war for consumer investment bankers in early 2018. Source: businessinsider.com Share This:

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Goldman Sachs bankers ‘cheated’ Malaysia over 1MDB: PM Mahathir

“Obviously we have been cheated through the compliance by Goldman Sachs people,” he said, without specifying details” writes Midwest Communications Inc for 95kqds.com. U.S. prosecutors filed criminal charges against two former Goldman Sachs bankers earlier this month.KUALA LUMPUR (Reuters) – Bankers at Goldman Sachs Group Inc “cheated” Malaysia in dealings with state fund 1MDB, Prime Minister Mahathir Mohamad said, amid growing calls in the country for more aggressive steps to recoup fees earned by the bank. Source: 95kqds.com Share This:

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Goldman Sachs just bought a one-person startup, and it’s betting it could change the day-to-day lives of its bankers

“Financial modeling?” writes Dakin Campbell for businessinsider.com. But first, Goldman must convince its thousands of employees that there’s an alternative to their favorite financial modeling software.Its founder, Dean Zarras, will join Goldman Sachs as a managing director and stick around to continue developing the financial modeling software, the note said.One aspect of the GS Accelerate innovation program ClearFactr participated in asks bankers to consider the project’s money-making prospects.But ClearFactr may help Goldman solve one of the most entrenched challenges in investment banking: how to update the financial modeling software that…

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Ex-Wall Street banker’s insider trading conviction overturned

“But in an unsigned decision, the appeals court said this was an error that was not harmless” reports businessinsider.com. The trial judge, Laura Taylor Swain, rejected this request, because Robert Stewart never specifically said his son had not made the “silver platter” statement.Alexandra Shapiro, a lawyer for Stewart, was pleased the conviction was overturned, calling the excluded evidence “critical to Mr. Source: businessinsider.com Share This:

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A banker’s woe: Chinese wealth may get harder to snag for global bankers

“And the ongoing crackdown on corruption and deleveraging has also created new barriers for offshore wealth management,” said a Beijing-based boutique wealth manager” reports businessinsider.com. The banker, a Singapore-based member of UBS wealth management business, was prevented from leaving Beijing and asked to meet local officials this week.And as authorities continue a sweeping campaign to root out graft, some bankers are beginning to get nervous about pursuing arguably one of the biggest opportunity worldwide in the wealth management business.”The immediate impact will be that everyone will be on pause for…

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