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Sunday, 22 October 2017

Keith Mullin' s stories

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  • keith mullin

    Just when you think it’s safe…

    People & Markets | 06 October 2017

    IT’S HARD TO argue that the banking industry hasn’t made significant progress since the financial crisis, having undergone and in many cases still working through processes to right-size, re-balance and re-tool. Considering the severe headcount and expense reductions and business-line filleting that have underpinned efforts to increase returns on equity, it’s been painful.

  • Banks crawl through fog of resolution

    Resolution fog

    All Special Reports | 20 September 2017

    A strong regulatory sense of purpose and direction of travel around capital, liquidity and, more specifically, bank resolution has run headlong at a macro level into a potentially toxic triumph of politics over policy and at a micro level into puzzlement around how point of non-viability is determined and what processes ensue.

  • Keith Mullin

    Passive investment will kill IPOs

    People & Markets | 08 September 2017

    INVESTMENT BANKERS LOVE IPOs more than most. These days that’s largely because of the high fees such deals attract, rather than the kudos that comes with being a go-to adviser and underwriter (those bragging rights have been slipping away as the act of going public has lost its lustre as the highest-form corporate end-state).

  • keith mullin

    Follow the money

    People & Markets | 04 August 2017

    THE NARRATIVE EMERGING in Europe around banks’ second-quarter earnings is that the restructuring cycle is reaching an end-point and giving way to a more wholesome focus on business growth. Sounds good, but is that realistic?

  • Venetian farce throws consistency to the wind

    People & Markets | 30 June 2017

    THE EUROPEAN UNION is doing itself no favours. It’s not just that its rationales and applied methodologies for dealing with vulnerable and fragile banks seem inconsistent and rather opaque.

  • Keith Mullin

    What sank Popular? Supervisory negligence

    Ticker | 16 June 2017

    Keith Mullin assesses the aftermath of Spanish lender Banco Popular’s collapse

  • Keith Mullin 475px June 2014

    Strategy and the vagaries of markets

    People & Markets | 27 January 2017

    THERE WAS A lot of chatter on the back of UBS’s fourth-quarter and full-year results around whether the strategy adopted by Sergio Ermotti, to scale back fixed-income and push wealth management to the fore with a smaller equities-led investment bank, has wrong-footed the group vis-à-vis its ability to take full advantage of market conditions that prevailed in the fourth quarter as well as potential evolving market conditions.

  • Keith Mullin

    Banking story turning the corner: stay long

    People & Markets | 20 January 2017

    MAJOR BANK STOCKS have been on a tear since the US election result, up on average around 25% – a whole lot more in many cases. It’s not just US banks but international players too. It’s probably safe to say equity prices have been caught by a wave of investor over-exuberance and the acceleration will settle down over time. But the appreciation does raise some vital questions.

  • keith mullin

    Grumpy bankers least of Cryan’s woes

    Ticker | 19 January 2017

    Not that anyone should be surprised, but didn’t John Cryan have a demeanour of a weary man with a lot of troubles on his shoulders in his interview on CNBC?

  • Keith Mullin

    Are asset managers becoming systemically dangerous?

    People & Markets | 13 January 2017

    SHOULD WE BE worried about the latent power of the US$76.7trn held in the asset management sector – 40% of global financial system assets – to wreak havoc on the world and unleash an unforeseen buyside catastrophe?

  • Is derivatives clearing the biggest Brexit issue?

    Ticker | 12 January 2017

    It was the Xavier Rolet show Tuesday as the polished and articulate chief executive of London Stock Exchange Group turned on the charm and transformed the UK Treasury select committee hearing on the UK’s future economic relationship with the European Union – a very broad macro subject – into a detailed and decidedly micro discussion about derivatives clearing.

  • Rok Perko of Slovenia crashes during the men's Alpine Skiing World Cup

    BMPS bailout enrages Slovenia’s dispossessed

    Top News | 06 January 2017

    The recently announced bailout of Banca Monte Dei Paschi di Siena retail Tier 2 bondholders and the limited bail-in of institutional Tier 1 holders has thrown to the fore a bitter dispute around the wipe-out of shareholders and subordinated bondholders in six Slovenian banks that were rescued by the state in 2013 and 2014.

  • Keith Mullin 475px June 2014

    Anshu Jain: the Bono of investment banking

    People & Markets | 06 January 2017

    “THE GREATEST MANAGER of any sales and trading organisation in the world … like Bono joining your rock band” was how Cantor Fitzgerald Chairman and CEO Howard Lutnick gushingly described his close friend Anshu Jain joining his racy broker-cum-investment bank as president.

  • keith mullin

    The Bono of investment banking

    Ticker | 04 January 2017

    “The greatest manager of any sales and trading organisation in the world … like Bono joining your rock band.”

  • Keith Mullin

    ​What’s the point of bail-in if bail-out prevails?

    Ticker | 29 December 2016

    Once again, via the awkward situation at Banca Monte dei Paschi di Siena, we’ve been deprived of the chance to see how bail-in instruments might work in an unencumbered free-market manner, says IFR Editor-at-large Keith Mullin. 

  • Keith Mullin

    When techies rule the IB world

    People & Markets | 16 December 2016

    I WAS RIGHT on cue three weeks ago when, at the time Michael Sherwood announced his departure, I said that something was afoot at Goldman Sachs. While I had no specific knowledge Gary Cohn would be heading into public service as head of the National Economic Council in the Trump presidency, I did foresee that he might not be long for the Goldman world. “Can you ever get tired of being next in line to run Goldman Sachs?” I pointedly asked. I guess you can.

  • Regulatory rollback: Phase One

    Regulatory rollback: Phase One

    All Special Reports | 16 December 2016

    Politicians, bank regulators, supervisors and central bankers the world over have spent close to 10 years trying to eradicate the root causes of the 2007–08 global financial crisis. Bank leaders have spent the same period trying to modify and mould the structures and profiles of their institutions to meet the requirements and obligations of what has become a veritable regulatory onslaught.

  • Bank of the Year: Citigroup

    Bank of the Year: Citigroup

    All Special Reports | 16 December 2016

    Banking and capital markets certainly didn’t lack drama in 2016 as the industry battled a complex and volatile operating environment, while individual firms pushed forward with strategic recalibrations and strove to improve returns. There may not have been any dazzling epiphanies, but one firm resolutely continued its steady progress and made impressive strides. Citigroup is IFR’s Bank of the Year.

  • keith mullin

    Who doesn’t like a man with IB wallet?

    Ticker | 14 December 2016

    UBS and Morgan Stanley must love Jean Pierre Mustier. As the UniCredit CEO sets about the task of sorting out the bank with impressive and lightning-fast urgency, they’ve been in the driving seat of a lot of investment banking business the bank has paid wallet on in recent months.

  • Keith Mullin 475px June 2014

    Fortune-telling has never been more difficult

    People & Markets | 09 December 2016

    REWIND A YEAR or so: in October 2015, Credit Suisse reinforced its ambition to be a wealth manager with good IB back-up and a balanced geographical approach between developed and emerging markets. This, it believed, would generate significant value for shareholders over time.

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