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’Volcker rule hits JPM’s Sempra deal
Ah, the Volcker rule: a godsend for non-bank associated market makers and trading houses — including the big physical commodity trading business — but not so good for trading divisions found within commercial banks.
The big boys move out of Tokyo
We’re wondering if it’s something in the Tokyo water — or perhaps it is all about the strange and increasingly vexing twists and turns of Japan’s new(ish) Hatoyama government. Or maybe it comes down to the old motive for just about everything in the big,
UK lobbies foreign banks for funds
The UK government is lobbying top investment banks, including Goldman Sachs, Deutsche Bank, JPMorgan Chase, UBS, Credit Suisse and BNP Paribas to contribute £25m-£35m each to a new “national investment corporation” to lend capital to the small businesses.
JPMorgan sets £1bn Cazenove deal
JPMorgan will on Thursday unveil a £1bn deal to buy Cazenove, the UK broker with which it has had a joint venture for the past five years. The bank will pay about 535p a share in a deal in which David Mayhew,
Hershey, Ferrero plot Cadbury bid
US chocolate giant Hershey is considering launching a bid for Cadbury – possibly in partnership with Italy’s Ferrero – that could help the UK confectioner fend off a hostile takeover by Kraft Foods,
JPMorgan takes over Cazenove
JPMorgan Chase is set to take ownership of Cazenove, the 190-year old stockbroker, in a £940m deal that will trigger bumper pay-outs for some of the City’s top financiers. The US investment bank, which entered a partnership with Cazenove five years ago,
JPMorgan to settle Alabama case
JPMorgan Chase will pay $75m and forfeit claims on nearly $650m in termination fees to settle US allegations that the bank and two former employees paid friends of officials to win municipal financing business in Alabama.
Greenwich: Equity derivatives are looking good
US institutions are increasing their use of highly liquid “flow” equity derivatives, but declines in asset values and a sharp fall in hedge fund trading activity have driven down both notional amounts of equity derivative trades and the amount of commissions paid by institutions on trades of these products,
Galleon fears raised in 2001
Concerns about the business practices of Galleon hedge fund founder Raj Rajaratnam and his associates were raised inside JPMorgan Chase as far back as 2001, according to internal memos seen by the FT. Rajaratnam,
US banks see toxic assets rally
US banks such as Citigroup and JPMorgan Chase have earned billions of dollars from their “toxic” portfolios in the past three months as a rally in some of these distressed assets enabled them to book accounting gains or sell them.
CDS report: This rally has legs
This CDS week in review was written by Markit’s Gavan Nolan
At nearly eight months old, the current rally has proved to be more durable than many supposed. Back in spring, when the markets were shell-shocked,
CDS report: US banks tighter after JPMorgan results
Gavan Nolan of Markit wrote this CDS report
European credit and equity markets rallied today as the US earnings season continued its strong start. The Markit iTraxx Europe index tightened by 6bp (6.8%) to 81bp,
JPMorgan tries to calm fears over UK
JPMorgan’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations,
JPMorgan to build investment business
JPMorgan Chase’s investment bank is planning a push to win more business outside the US by building on the group’s financial ties with companies around the world. Jes Staley, who was chosen to lead JPMorgan’s securities unit in a surprise reshuffle on Tuesday,
Cazenove, JPMorgan, close to deal
Top executives at Cazenove and JPMorgan are thought to be close to agreeing a price for Cazenove’s share of their JPMorgan Cazenove UK joint venture before the year’s end, reports the Independent on Sunday.
Crackdown ‘threatens’ bank profits
The global regulatory crackdown in the wake of the financial crisis is likely to cut long-term profitability at US and European investment banks by nearly a third, forcing them to cut bonuses and shed staff,
Investment banks hire in Asia
Investment banks are moving to increase headcount in China and India in anticipation of rising deal flows fuelled by strong growth rates in Asia’s largest developing economies. Banks had scaled back staffing across Asia amid a dearth of M&A activity and stagnant capital markets.
How much money did JPMorgan make on Madoff?
Included in the SEC’s civil complaint against Frank DiPascali, a key figure in Bernard Madoff’s mega Ponzi, was an allegation that BMIS maintained a sizable “slush fund” at JPMorgan.
As the FT reported earlier this month:
Warner Chilcott harks back to the good old (leveraged) days
Who said leveraged loans are dead? There were echoes of the good old days of highly leveraged deal-financing with news that specialty drug maker Warner Chilcott is expected to announce as early as Monday the acquisition of Procter & Gamble’s prescription-drug business for more than $3bn.
Financials fall on toxic assets warning
Financial stocks led US equities to their worst day in more than a month on Tuesday after the Congressional Oversight Panel, which runs the US government’s TARP scheme, warned that the Treasury had not done enough to relieve banks of toxic assets.
Tarp banks award billions in bonuses
Citigroup and Merrill Lynch, which lost $55bn in 2008, between them paid 1,400 employees bonuses of $1m or more each, according to a New York state report. The study, compiled by Andrew Cuomo, New York attorney-general,
China eyes $5bn railway IPO
The Chinese government has hired two foreign banks to restructure some of the country’s best railway assets with a view to listing the holding company in an initial public offering that could be worth as much as $5bn.
JPMorgan winds down Brysam fund
JPMorgan Chase is winding down Brysam Global Partners, a $600m-plus private equity fund launched in 2007 with its funds by former Citigroup executives Robert Willumstad and Marjorie Magner. The likely closure is a sign the crisis is forcing banks to be more conservative with their capital.
Of con men, spivs and ‘gangreenous’ stocks
The headline on a recent Bloomberg stock market report out of Japan said it all: “Japan Stocks Rise on Green Technology Optimism”.
We’re seeing a growing number of headlines in that vein. Indeed, the rising wave of investor optimism on everything and anything related to so-called “green technology”
Vodafone eyes T-Mobile UK bid
Vodafone is considering an offer to buy T-Mobile UK, in an audacious move that would have huge impact on the UK mobile phone market. The world’s largest mobile operator by revenue is looking at the case for acquiring T-Mobile UK,
JPMorgan tops ‘strong bank’ list
JPMorgan tops a list of the world’s strongest banks, while Royal Bank of Scotland suffered the biggest loss of any lender last year, according to new industry rankings on Wednesday, reports Reuters. RBS’s $59.3bn loss last year eclipsed all rivals,
Fed plans repo markets revamp
The US Federal Reserve is considering big changes to the giant repurchase – or repo – markets where banks raise overnight dollar loans. The plans include the creation of a mechanism to replace the clearing banks that handle transactions – the biggest of which are JPMorgan Chase and Bank of New York Mellon - serving as intermediaries between borrowers and lenders.
Hedge funds bet on Lehman debt
Top hedge funds have been buying up Lehman Brothers’ debt in hopes that the failed investment bank’s estate can win court battles to recover billions of dollars in collateral held by competitors with whom it did business.