News 

Deutsche Bank will start promoting junior bankers earlier as the Wall Street war for talent intensifies

“Deutsche Bank will start promoting its junior bankers a little bit earlier in a bid to keep talented young staff” writes Alex Morrell for businessinsider.com. The memo is signed by Mark Fedorcik, co-head of the corporate and investment bank in the US, and James McMurdo, head of the corporate and investment bank in the Asia Pacific. In 2015, Deutsche Bank announced to staff that it was moving promotions for analysts up to 2.5 years from three years.The change, which is effective immediately, “applies to specific populations in Corporate Finance,” so…

Read More
Markets News 

StanChart hiring Chinese-speaking bankers to connect its network

“LONDON (Reuters) – Standard Chartered is targeting more trade-focused business from Chinese companies by hiring around 15 bankers worldwide, a source familiar with the plans told Reuters” writes Midwest Communications Inc for 95kqds.com. They will work in StanChart’s Global Subsidiaries team to bank Chinese companies with business in those markets.”We’ve talked a lot about trade tensions recently and they continue to be a concern. The new China bankers, which will also include hires in Pakistan and Britain, will help grow the bank’s business with Chinese companies that are expanding globally,…

Read More
Markets News 

Credit Agricole appoints new top investment bankers

“A Credit Agricole logo is seen outside a bank office in Vertou near Nantes Thomson Reuters PARIS (Reuters) – French bank Credit Agricole SA replaced three senior bankers at its investment and markets arms, shortly before reporting its fourth quarter earnings” reports businessinsider.com. Credit Agricole appointed Didier Gaffinel as new head of global coverage and investment banking, Laurent Chenain as new head of global international trade and transaction banking and Pierre Gay as its new head of global capital markets.The bank did not say who these three bankers replaced, nor…

Read More
Markets News 

Bankers suggest Russian firms delist as sanctions uncertainty bites

“MOSCOW (Reuters) – Uncertainty caused by the expansion of U.S. sanctions on Russia last year has pushed companies’ share prices lower, prompting investment bankers to suggest their clients should delist from local and international exchanges” reports businessinsider.com. Yevtushenkov also confirmed to Reuters that bankers had pitched a delisting to his company but declined to comment further.A source close to Sistema confirmed that bankers approached the company last year about a delisting, adding that the company was working to reduce its debt.One of the banking sources said that apart from Sistema,…

Read More
News Regulators 

Ex-Atlanta Fed chief throws cold water on the notion central bankers won’t hike rates this year

“After the fourth Fed rate hike of 2018 in December, Chairman Jerome Powell did leave the door open to other options in 2019, emphasizing “data dependency.”” writes Berkeley Lovelace Jr for cnbc.com. The Federal Reserve may hike interest rates one or two times this year as a buffer for the next economic downturn, former Atlanta Fed President Dennis Lockhart contended Thursday.On Jan. 4, Powell said in a speech that Fed policymakers “will be patient” on rates given continued muted inflation. Source: cnbc.com

Read More
Markets News Stocks 

Sen. Elizabeth Warren questions Mnuchin about his extraordinary calls to bankers and regulators

“Elizabeth Warren asked Treasury Secretary Steven Mnuchin for more information Friday about what prompted his extraordinary calls to bank executives and regulators during a stock market tumble in December” writes Cq-roll Call Group for cnbc.com. In a letter to Mnuchin dated Monday, Warren questioned why the secretary carried out those calls when market participants had not raised major concerns about stability or financial institution liquidity. Moreover, your calls sought to assuage a concern — the liquidity of banks — that neither banking regulators nor executives had publicly indicated was a…

Read More
News 

Ex-Barclays trio ‘cheated global financial system’, Euribor trial told

“LONDON (Reuters) – Three former Barclays bankers cheated the global financial system to gain an unfair edge over counterparties in a five-year plot to rig Euribor interest rates, a London prosecutor alleged on Tuesday” reports businessinsider.com. Waddington said that two other bankers, former Barclays trader Philippe Moryoussef and Christian Bittar, a one-time Deutsche Bank trader, already stood convicted.Some of the world’s most powerful financial institutions have paid around $9 billion to settle allegations that bankers submitted rates that flattered their own trading books.Barclays was the first of 11 major banks…

Read More
News 

UK bankers’ bonuses to be dwarfed by US rivals

“Financiers working for European investment banks are in for yet another embarrassing bonus season as their American rivals pocket much bigger payouts again” writes Ben Marlow for telegraph.co.uk. Political pressure on UK bank bosses over fat cat pay means UK and European banks are expected to increase bonuses far less than their Wall Street rivals this year. Source: telegraph.co.uk

Read More
News 

Two Ex-London Bankers Cooperate With German Cum-Ex Probe

“Two ex-London bankers are cooperating with German prosecutors in the investigation of controversial Cum-ex tax scandal, according to a Bloomberg report” writes Arnab Shome for financemagnates.com. The two accused ex-London bankers are hoping to get lenient sentencing by the court in return of their cooperation.The profits from the deals were shared.” More than 100 banks are under investigation by the German authorities in relation to Cum-ex deals.The deals involving illicit tax refunds may have cost the German State more than €10 billion.According to German law, schemes involving tax frauds with…

Read More
News 

Bankers are more likely to be punished for wrongdoing if they are women

“Get a daily roundup of the top reads in personal finance delivered to your inbox” writes Kari Paul for marketwatch.com. Less than one-third of personal financial advisers (31.6%) were women in 2015, according to the Bureau of Labor Statistics, and financial managers have the largest pay gap out of all industries, according to a 2018 report from the American Association of University Women. Source: marketwatch.com

Read More