Wednesday, 20 March 2019

Capital City' s stories

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  • keith mullin

    Fight-back takes root in CIB

    Blogs | 31 March 2016

    You heard it here first: we’re entering a new phase of the banking cycle. And that’s despite the poor set of underlying operating conditions the industry is confronting, exemplified by volatile markets, NIRP and low economic growth, a shrinking wallet in certain business lines and individual bank rehabilitation programmes. 

  • keith mullin

    Credit Suisse strategy acceleration? More like a second bite of the cherry

    Blogs | 23 March 2016

    Is it just me or is there something awry at Credit Suisse? I mean, how many excuses did CEO Tidjane Thiam throw out today to try and mask – unsuccessfully in my view – his own shortcomings and those of the strategy he unveiled last October?

  • keith mullin

    AJ Murphy's promotion a sign of the times

    Blogs | 15 March 2016

    People who said that AJ Murphy was lured back to Bank of America Merrill Lynch early last year from her short and rather odd-looking jaunt to Goldman Sachs on a promise of future greatness certainly look to have been vindicated. 

  • keith mullin

    Passing of a legend

    Blogs | 10 March 2016

    If John Gutfreund hadn’t existed, you’d probably have needed to have invented him. The former CEO of Salomon Brothers, who passed away on March 9 aged 86, ran the storied firm from 1978 until a Treasury bond scandal forced him out in 1991. For good or for bad, the King of Wall Street became and remained a market legend.

  • keith mullin

    Blessing's timing looks spot on

    Blogs | 07 March 2016

    Kudos to Commerzbank for showing us just how succession planning should be conducted. After what we’re told was an intensive selection process, Martin Zielke was named yesterday as the new chairman of the board of managing directors (aka CEO) to replace Martin Blessing.

  • keith mullin

    Are bank strategy and EU regulation parting company?

    People & Markets | 04 March 2016

    IS THE EUROPEAN regulatory landscape evolving at cross purposes to the recent direction of travel around bank strategy and investor behaviour? In light of pronouncements from Barclays and Deutsche Bank CEOs Jes Staley and John Cryan, I’m starting to wonder.

  • Keith Mullin

    Will the market drink Staley's Kool-Aid?

    Blogs | 02 March 2016

    Did investors overdo the gloom on Barclays on Tuesday? The 10% drop in the wake of Jes Staley’s narrative was surely a bit of a knee-jerk reaction. Sure, the dividend cuts in 2016 and 2017 were a bit of a kick in the nads for the income junkies, but still …

  • keith mullin

    Exchanges in driving seat as IBs hunker down

    Ticker | 24 February 2016

    There was a time when people who worked in the exchange world were, well, exchange people; steeped in the traditions and mind-dynamics of stock exchanges. How times have changed.

  • keith mullin

    Who's in the frame for Tom King's job?

    People & Markets | 19 February 2016

    EVERYONE IS ALL over the Tom King story as the head of Barclays’ CIB finally announces his departure. Of course this has been out there for the best part of a year so it’s hardly news. The IB community loves nothing more than a mischievous bout of reckless speculation so if an opportunity presents itself to engage in wild conjecture about who might take over, you’ve gotta take it.

  • Keith Mullin 475px June 2014

    No point moaning after you’ve lost your shirt

    Capital City | 05 January 2016

    Keith Mullin has little sympathy for naive investors

  • Keith Mullin 475px June 2014

    Supervisors turn on themselves

    People & Markets | 08 May 2015

    Editor-at-large Keith Mullin is bemused by aspects of the latest ESA risk report. 

  • Keith Mullin Commentary image

    Can investment banks ever be a disruptive force?

    Blogs | 15 April 2015

    Bank bosses are being pushed into making bold choices, says Keith Mullin

  • Keith Mullin 475px June 2014

    Sticking your neck out

    Capital City | 05 August 2014

    Keith Mullin: HSBC’s Flint shows why bank chairmen and CEOs should be separate.

  • EFSF (l)

    EFSF going long, but paying up for the privilege

    Capital City | 22 July 2014

    A final MS+31 for the new 30-year EFSF benchmark may be the tight end of talk, but the deal still looks like a bargain, with EFSF April 2037s on screens circa +10bp bid and similar consolidated European sovereign paper from EIB due 2042 a touch wider at plus 13bp.

  • Keith Mullin Commentary image

    Mutually inclusive oxymorons

    Capital City | 29 May 2014

    Keith Mullin: Is it just me or does the topic of “inclusive capitalism” drive anyone else nuts?

  • Keith Mullin Commentary image

    Culture carriers, the female pipeline... and investment banking

    Capital City | 27 May 2014

    Keith Mullin sees some sense in Deutsche Bank’s decision on fixed income.

  • Keith Mullin Commentary image

    Retail hybrids? Bring ‘em on

    Capital City | 22 May 2014

    Keith Mullin sees no reason why hybrids shouldn’t sit nicely in retail portfolios.

  • Keith Mullin Commentary image

    Cavanagh quits JPM. Who can blame him?

    Capital City | 26 March 2014

    IFR Editor-at-large Keith Mullin sifts through a major IB exodus.

  • Keith Mullin Commentary image

    Barclays' Rebuild

    Capital City | 25 March 2014

    Keith Mullin: Barclays should ditch Go-To language around IB.

  • Keith Mullin Commentary image

    FCA stiffs trader for... trading

    Capital City | 20 March 2014

    IFR Editor-at-large Keith Mullin finds the UK regulator’s penalty, and reasoning, astonishing. 

  • Keith Mullin Commentary image

    EM rout overdone: currency option baskets anyone?

    Capital City | 23 August 2013

    Is it just me or are the fever-pitch conversations about when and how …

  • Keith Mullin Commentary image

    Rest easy: there were Eurobonds in 1965!

    Capital City | 13 August 2013

    Editor-at-large Keith Mullin drives further down memory lane

  • Overview of Buenos Aires' 9 de Julio Avenue with the Obelisk in the background

    France supports Argentina’s case against bondholders

    Capital City | 29 July 2013

    France has filed a brief supporting Argentina’s application to the US Supreme Court for a hearing in the Latin American country’s long-standing dispute with bondholders that have held out from its restructurings. Last week the IMF withdrew its possible filing after supposed pressure from the US Treasury not to intervene at this stage.

  • Keith Mullin

    Equity block trades or how to lose your shirt in a heartbeat

    Capital City | 21 May 2013

    Ever since politicians and the media invented the ‘casino banking’ moniker to describe what investment banks do, I’ve reacted vigorously to the term, finding it offensive and wide of the mark.

  • Keith Mullin

    Is Nomura to UBS a good career trade? ... Take Two

    Capital City | 24 April 2013

    My blog last week on William Vereker’s move to UBS from Nomura to head corporate client solutions in EMEA (Is Nomura to UBS a good career trade?) caused a bit of a storm within UBS and I took some heat – a bit of an occupational hazard for me. In the interests of transparency and balance, I’m happy to share some of the

  • Keith Mullin Commentary image

    Salz and the £15m Barclays travesty

    Capital City | 08 April 2013

    HAVE YOU EVER spent the thick end of £15m but had that nagging feeling that you’ve been done over? I haven’t, personally. Actually, I haven’t ever spent £15m period, although I live in eternal hope …

  • Keith Mullin

    The New DCM Paradigm – the coming mid-market revolution

    Capital City | 03 April 2013

    I’ve mentioned before in my blogs that I’ve been spending a lot of time delving into the debt financing modes and modalities of European mid-market corporates and I must say I’m increasingly in the camp of those who reckon we’re at the start of a major shift in bond market activity as we move towards a more heavily disintermediated funding model.

  • Keith Mullin

    The Chinese are coming … are they?

    Capital City | 27 March 2013

    I was fascinated to read a story that ran on Reuters this morning, entitled: “The next Goldman Sachs: Made in China?, which was a charming but at the same time in some ways rather disturbing piece about how Wang Dongming, the chairman of Citic Securities, is remodelling the investment bank he runs on Goldman Sachs after reading “The Partnership: The Making of Goldman Sachs,” by Charles Ellis.

  • Anthony Peters with border

    US economic focus trumps European political will

    Capital City | 27 March 2013

    While Europe is struggling around trying to find a way of explaining how the intended capital controls in Cyprus can be implemented without wrecking the divine principle of the free movement of capital and labour, the US economy is visibly pulling away from the European one without even the slightest glance in the rear view mirror.

  • Keith Mullin

    The ‘other’ great rotation... into alternatives

    Capital City | 20 March 2013

    IFR Editor at Large Keith Mullin on how Credit Agricole CIB is finally out with something it wants to shout about.

  • Keith Mullin

    Nielsen set to survive as Hourican takes rap at RBS; Sharpening the UBS longs?

    Capital City | 06 February 2013

    So it’s goodbye, so long, farewell to John Hourican, CEO of Markets & International Banking at RBS as the Libor scandal takes another scalp. I first met Hourican when he ran leveraged finance for the bank some years back and I’ve always thought highly of him. But when you get stiffed for £87.5m, US$325m and US$150

  • Bank for International Settlements in Basel

    DERIVATIVES: Capital treatment for exposure to CCPs still too harsh - dealers

    Derivatives | 01 January 2013

    The Basel Committee on Banking Supervision’s latest proposals on capitalisation of bank exposures to central counterparties will still lump banks with unnecessarily high capital charges that could ultimately disincentivise central clearing, dealers argued.

  • Mullin with border 220

    Are Dougan and Jain drinking at the same water cooler?

    Capital City | 21 November 2012

    Has Brady Dougan been taking too close a peek at what Anshu Jain and Juergen Fitschen are doing to their organisational structure and inadvertently making copycat moves? The divisional re-cut and the executive appointments Credit Suisse made on Tuesday do bear more than a passing resemblance to what’s going on at Deutsche Bank.

  • Mullin with border 220

    Pandit runs out of rope

    Capital City | 16 October 2012

    I never thought Vikram Pandit was a good fit for an organisation like Citigroup. Sure, it’s easy to say this after the event, but after five years, he was still seen as an investment banking guy whose background and experience, gained in an institutional/wholesale context, were always going to play against him.

  • Mullin with border 220

    Jenkins appointment at Barclays shows lack of imagination

    Capital City | 30 August 2012

    I don’t know Antony Jenkins but I don’t like him. Unfair? Almost certainly. I don’t mean this in a personal sense, but promoting Barclays’ former retail and business banking chief to the corner office in place of Bob Diamond is clearly a function of faute de mieux. I had been similarly unimpressed by the dreary appointment of David Walker as chairman a few weeks ago. Is this really the best that Barclays can do?

  • ECM logos 2012

    IFR ECM Quiz: Picture Round 2012

    IFR European ECM | 29 August 2012

    IFR’s annual ECM quiz, which runs through the month of August in the IFR European ECM Briefing, today has a picture round. See if you can identify the companies from the cropped logos below. Answers to by 12pm London time today please.

  • A Euro currency sign is seen in front of the European Central Bank (ECB) headquarters in Frankfurt

    Eurozone divergence sparks new repo benchmarks

    Capital City | 24 August 2012

    In a further sign that broad eurozone benchmarks may have had their day, two leading fixed income trading venues are set to launch a series of euro repo indices that reflect the diverging economic fortunes of individual eurozone countries as well as an ongoing shift away from unsecured interbank lending across the global banking industry.

  • Mullin with border 220

    DTCC/SWIFT utility for OTC derivatives a big step for LEI initiative

    Capital City | 23 August 2012

    I wrote a blog back in March calling for Legal Entity Identifiers to be made compulsory. I confess to being a little surprised at the attention it received. Then, as now, I saw the initiative as one of those no-brainers that have no rea

  • Mullin with border 220

    Ireland progressing well through rehab

    Capital City | 22 August 2012

    I like the idea of amortising debt. In the context of the European debt crisis, it’s a great way for governments to exit the interest-only never-pay-off-the debt world they inhabit. I’d suggested in July that a way back into the capital markets for cash-strapped peripheral sovereigns could be offering amortising bonds, if necessary with the sinking fund financed or at least backstopped by the EU rescue apparatus.

  • Mullin with border 220

    At last, some talk of growth

    People & Markets | 17 August 2012

    I WAS TAKEN by a story that ran in Les Echos quoting Torsten Murke, BNP Paribas’ Germany country head, saying that the bank is aiming for a top-five investment banking ranking in the country.

  • Mullin with border 220

    Do foreign banks have a future in China investment banking?

    Capital City | 13 August 2012

    Goldman Sachs didn’t wait long to move, after Jin-Yon Cai announced he was quitting to run the IFC (with effect from October 1).

  • Mullin with border 220

    Dimon’s new inner circle emerges; Zames near the centre

    Capital City | 30 July 2012

    Aligning your business with your customers is such a glaringly obvious thing to do that the only real question that immediately springs to mind vis-à-vis Jamie Dimon’s re-org of JP Morgan Chase is: how come it took so long?

  • Schaueble and Monti

    Euro crisis: Italy looks to sway Germany

    Capital City | 27 June 2012

    The prospect that the EU summit this week will be another cheap talk but no substance show is a central scenario for the markets. What is interesting, however, is the way in which the technocratic Italian PM Monti is determined not to walk away from the summit without an agreement to use the EFSF/ESM to help the likes of Italy and Spain who have honoured fiscal and structural reform implementation programs.

  • Mullin with border 220

    Silver lining for investment banks amid Spanish gloom

    Capital City | 26 June 2012

    They say that every cloud has a silver lining. Well, the bailout of Spain’s banks will lead to a wave of corporate sell-downs and investment banks will no doubt be rubbing their hands in glee at the prospect of earning some decent fees.

  • Conard

    Defending Income Inequality

    Capital City | 23 May 2012

    Ed Conard, the author of ”Unintended Consequences: Why Everything You’ve Been Told about the Economy is Wrong” and a former managing director at Bain Capital, talks to Reuters Breakingviews about why he thinks the incredibly rich are good for America.

  • Mullin with border

    Open challenge to Greg Smith (distinctly ex-GS)

    Capital City | 15 March 2012

    So Greg Smith’s tedious diatribe about Goldman Sachs, the employer that I suspect made him pretty wealthy over the past decade, has gone viral. You know what? I think his ‘been-there-done-that’ anti-Goldman rant was pedestrian and added nothing new. You know what really got me in all of this…

  • Mullin with border

    Mullin: Move over Wall St; mid-market coming through

    Capital City | 14 March 2012

    Scotiabank acquiring Howard Weil; Canaccord Genuity bidding for Hawkpoint in the UK, buying a stake in Australian advisory firm BGF Equities, and acquiring China investment bank The Balloch Group; Raymond James buying Morgan Keegan; Cowen & Co forming an exclusive corporate bond and

  • Mullin with border 220

    Jain makes his play; but it's not an end-game

    Capital City | 08 March 2012

    The management shake-up of Deutsche Bank’s corporate and investment bank won’t represent the final shape of CIB. The new structure, so e

  • SEC 800

    US SEC widens probe of exchange-traded funds

    Capital City | 20 February 2012

    (Reuters) - US securities regulators have widened their inquiry into the trillion-dollar market for exchange-traded funds, according to a person familiar with the matter.

  • A man walks past a logo of Alibaba (China) Technology Co. Ltd at its headquarters

    LOANS: Alibaba loan signing today; privatisation announcement expected Wednesday

    Capital City | 20 February 2012

    Chinese e-commerce company Alibaba Group is set to sign today the US$3bn loan putting in place the certainty of funding required for the privatisation of its Hong Kong-listed unit, according to sources.

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