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’Insider dealing reaches the Comoros Islands
Fresh from its success in the Streaky trial, the FSA is bringing another insider dealing case to court.
Christian Littlewood, a senior investment banker, and his wife Angie Littlewood (also known as Siew
FSA acts on Dresdner traders
Two Dresdner Kleinwort bond traders are to be publicly censured by the UK’s FSA on Wednesday in a case that could trigger more challenges to the watchdog’s decisions. The pair have escaped both a fine and ban from the finance industry after moving to fight the market abuse case against them at a committee that oversees FSA decisions.
Bankers sue for bonuses
Seventy-two City bankers are suing Dresdner Kleinwort and Commerzbank for €33m ($47.8m) worth of unpaid bonuses in the biggest case of its kind in the UK. The lawsuit, filed on Tuesday in the High Court,
Dresdner/Commerzbank blames oil speculators
Wow, the commods analysts at Dresdner/Commerzbank have taken a rather bold — if slightly self-congratulatory — stand on oil speculators.
In a note published on Thursday, analysts Eugen Weinberg, Barbara Lambrecht and Carsten Fritsch,
Dresdner Kleinwort staff defect
Fifty Europe-based Dresdner Kleinwort equity specialists – including several top-ranked analyst teams – have jumped ship this week to Evolution and Nomura. Evolution recruited 46 staff members – including the bulk of DK’s equity sales and trading team and 18 analysts – and in the process boosted its securities division by 30%.
The ‘friends and family’ of Dr Stefan Jentzsch
That’s members of the executive management committee, according to foot-soldiers at Dresdner Kleinwort, before Commerzbank arrived on the scene and started zapping everyone’s jobs and bonuses, or both.
Commerzbank to sell hedge fund unit
Commerzbank has put Comas, its $900m fund of hedge fund manager, up for sale just months after it gave its main asset management unit to Allianz, the insurer, as part-payment for its takeover of Dresdner Bank.
Dresdner takes bonus battles to new highs
Hell hath no fury like a banker gypped of his bonus, or so it seems by the latest moves from Dresdner Kleinwort.
In an escalating row that has been brewing since Commerzbank bought the London-based investment bank as part of its purchase of Dresdner late last year,
When it comes to UK housing — “We’ve only just begun…”
… sang Karen Carpenter in the early 70′s chart-topper. And it could make a comeback as an unlikely signature tune for the UK housebuilding sector.
That’s the view of Alastair Stewart, anyway.
Commerzbank outlines Dresdner integration
Commerzbank’s investment-banking chief on Wednesday laid out his plans for the integration of Dresdner Kleinwort, including closing the UK M&A business and abolishing trading with the bank’s own capital.
City buyers eye Dresdner’s UK units
Potential buyers for Dresdner Kleinwort, the British core of Dresdner Bank’s investment banking franchise, are emerging even as Commerzbank’s acquisition of Dresdner Bank takes shape, reports the FT.
UK’s HBOS grapples with share ‘overhang’
As much as £3.6bn of shares in HBOS could be offloaded on to the stock market from Monday after the flop of the bank’s ill-fated rights issue, reports the FT. HBOS will reveal before the market opens that shareholders purchased fewer than 10% of the 1.5bn shares available in the £4bn rights issue.
Underwriters face buying HBOS shares
Two investment banks backing a £4bn rights issue by HBOS could be stuck with unsold stock after the shares plummeted below the issue price on Wednesday. Shares in the UK’s biggest mortgage lender plunged almost 12% to 258p,
Dresdner Kleinwort open to tie-ups
Dresdner Kleinwort, the corporate and investment banking unit of Germany’s Dresdner Bank, could seek to raise capital from external partners, including financial institutions in the Middle East and China,
Credit Suisse in latest City job cuts
Credit Suisse became the latest investment bank to cut jobs in the UK on Monday, as plunging stock markets revived concern that the trickle of redundancies seen in City of London in recent weeks could yet become a flood.
Moody’s puts banks’ CPDOs on review
The volatility in credit markets appears set to claim fresh victims after Moody’s on Thursday put a number of complex and highly leveraged products, known as CPDOs, on review for downgrade.The move affects seven deals from the bank that invented the product,
CIBC to cut at least 60 London jobs
CIBC has become the latest bank to make widespread redundancies in London after axing more than 60 staff in what bankers fear could be the first of a series of cuts at the Canadian group, reports the Daily Telegraph.
Dresdner set to axe at least 350 jobs
Dresdner Kleinwort, the German investment bank, is set to make more than 200 staff redundant in the wake of the meltdown in the global credit markets, reports the Daily Telegraph. The first job cuts were made Monday in the largely London-based credit business.
Dresdner cleared of ‘racial’ sacking
A City banker failed to prove that Dresdner Kleinwort racially discriminated against him because he was neither German nor a German speaker. An employment tribunal said Malcolm Perry, Dresdner’s former global head of fixed income and credit,
M-LEC: who’s in, who’s out
First they were out – now they’re in. Deutsche Bank look like they’ll be the latest Europeans to climb aboard the optimistically named Master Liquidity Enhancement Conduit, or Supersiv, reports Bloomberg.
Onwards and upwards? Earnings still supportive, say Lehman
Irrational, or right on?
Some analysts are tearing their hair out over the markets’ relaxed poise following the summer’s credit squeeze. UK equities, notes Phil Isherwood at DK on Monday are now just 4 per cent off their all-time high.
Edwards & Co decamp from DK — but will they make it to SocGen?
It must have been quite a wrench. After circa 19 years, the ultimate bears’ bear, Albert Edwards, is on the move from Dresdner Kleinwort.
Destination Societe Generale, where Edwards plans to join his strategising partners,
German bank admits unfairly dismissing banker
Dresdner Kleinwort, the German-owned investment bank that is defending a race discrimination claim in London court, has admitted that it unfairly dismissed a highflying Australian banker, reports The Times.
Australian banker in race claim against DrK
An Australian-born banker on Tuesday launched a highly unusual race discrimination claim in London against Dresdner Kleinwort, the German bank, alleging he was treated less favourably – and eventually made redundant – because he was neither German nor a German-speaker.
Calling the M&A top – fourth quarter, it is
2007 is on course to beat 2006 as a record year for M&A. This much we know, right?
But hang on, says Dresdner Kleinwort’s Phil Isherwood. That is by value. The number of deals actually fell. With another $26bn deal announced on Thursday,
Albert Edwards: How to survive a bear attack
Dresdner Kleinwort’s global strategist gives his spin on the official Canadian Moutain Guide for when the bears are coming.
How to avoid an encounter in the first place
Larger size groups are less likely to encounter bears – (so have a diversified portfolio)
Make noise,
DK on subprime: ‘This is unlike a regular bank’
Like quite a few market participants at the moment Nigel Myer, a debt analyst at Dresdner Kleinwort, is fretting about housing. And not just American houses bought by overstretched borrowers. In Europe,
The Real Deal: Allianz should sell banks and stick to insurance
The rumour that Allianz is about to sell Dresdner Kleinwort comes around once every two years. This time, it is being taken seriously.
Insiders at Germany’s biggest insurer say it definitely wants to offload the investment bank,