Category Archives: investment banks
Financial Times Survey: Banks’ Brexit Relocations By March 2019 Much Lower Than Feared
In the run-up to the recent agreement on phase I of Brexit, there was mixed news on the extent to which jobs in the City of London would be relocated to other European hubs, primarily Frankfurt. On one hand, we discussed the meeting between US Commerce Secretary, Wilbur Ross, and executives of JPM, Goldman, HSBC […]
Here’s How Much Each HSBC Trader Made In Their FX Front-Running Scheme
Last week we wrote about how some former HSBC FX traders, led by Mark Johnson, orchestrated a carefully crafted plan to front-run a massive buy order for British Pounds using the code phrase “my watch is off.” Now, courtesy of court filings in a British case to extradite one of the participants, Stuart Scott, we […]
Morgan Stanley Triumphs Again: Posts Higher FICC Revenue Than Goldman Sachs
After yesterday’s stunning 40% plunge in Goldman’s FICC revenue, market watchers and MS shareholders were nervously anticipating the release of today’s Morgan Stanley Q2 earnings data. In retrospect, they had no reason to be worried, because moments ago MS reported revenue and EPS which both beat expectations, with Q2 EPS of $0.87 (est $0.76) on […]
Nomura Demands $134,000 For Premium Research
Just this morning we reported that as the global equity research market wrestles with how it will comply with the EU’s MiFID II regulations, in a new study McKinsey said that banks will have no choice but to fire a ton of equity research analysts who write a bunch of stuff that no one ever […]
McKinsey: Banks Will Have To Slash 30% Of Analyst Jobs To Comply With New Research Rules
As the global equity research market continues to wrestle with how they will comply with the European Union’s MiFID II regulations, McKinsey & Co. has just penned a new study effectively saying they’ll have no choice but to fire a ton of equity research analysts who write a bunch of stuff that no one ever […]
Morgan Stanley Builds Mortgage App To Try And Stay Relevant As Fintech Booms
It’s no secret that Wall Street lives in constant fear of Silicon Valley. Bank CEOs probably wake up in a cold sweat after imagining that their clients have handed their money to some new startup that’s found a way to disrupt a financial service like, say, wealth management. To try and fend off the robo-advisers […]
Spanish Banking Crisis Spreads As Banco Popular Credit Curve Inverts
Having told its employees "don't panic" over the weekend (at the crashing stock and bond prices of Spain's 6th largest bank), it appears investors are ignoring that message as Banco Popular's credit curve has inverted for the first time since 2012 in the biggest red flag yet that Spain's banking crisis is systemic and about […]