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Investment Banking Business Slides in Q4
Investment banking business at Wall Street banks took a dive in the fourth quarter, spurring thousands of job cuts. Mergers, acquisitions, and initial public offerings fell off at Morgan Stanley and Goldman Sachs, causing a decline in profits. Goldman Sachs fired more than 3,000 employees in its biggest round of job cuts since the 2008 financial crisis, and Morgan Stanley cut around 1,600. Global banks will lose more than 6,000 jobs in total, according to Reuters...
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Wells Fargo Grows Investment Banking Business
While Wells Fargo has never been at the top of the table for its investment banking business, the bank landed for the first time in the top 10 for mergers and acquisitions advisory deals in 2022, according to Bloomberg. The ranking may indicate that the bank, which is known for its consumer business, may be figuring out how to increase revenue in new ways...
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Goldman Dealmakers Optimistic About M&A in 2023
Global banking and markets heads at Goldman Sachs Group Inc. told Reuters in December that mergers and acquisitions (M&A) will recover in the second half of 2023. Dan Dees, Jim Esposito, and other Goldman executives pointed to multiple reasons for deal activity to pick up...
Banks Commit to Investment in Climate Change Solutions
Four major banks have made financial commitments totaling $5.5 trillion to invest in renewable energy and decarbonization over 10 years following the UN’s COP27 summit, at which negotiators estimated that $6 trillion per year would be necessary for reaching net zero emissions by 2050. JPMorgan Chase has pledged $2.5 trillion, and Citigroup, Barclays, and HSBC have each committed to $1 trillion...
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Deutsche Bank Completes Four-year Turnaround Plan With Some Stability
After years of scandals and penalties, an upswing in securities trading and dealmaking has helped Deutsche Bank become profitable again, despite its plan to steer away from its volatile investment business. Higher interest rates are boosting profits from regular banking as M&A deals have fallen, according to Reuters...
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Goldman Sachs to Cut Jobs and Curtail Marcus Consumer Loans
Goldman Sachs intends to slash as many as 400 jobs in its consumer business division and limit its retail banking platform, Marcus, to corporate loans only, Bloomberg and the Financial Times reported in early December. The cuts follow the bank’s announcement in October that it would be combining its expanded asset management and private wealth businesses into one group, the third time it has restructured since 2018...
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Credit Suisse Tries to Make Up for Losses with Higher Rates
To make up for about $90 billion taken out of its coffers following rumors of insolvency, Credit Suisse Group AG has offered its wealthy clients higher-yield notes and bonus deposit rates, according to Yahoo! Finance sources who have asked to remain private. The wealth unit’s 1,800 relationship managers have begun to call clients...
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U.S., European Investment Banks May Make Cuts as Revenues Decline
Following declining revenues in their advisory and underwriting divisions, investment banks in the U.S. and Europe may cut jobs and bonuses, according to financial analytics and information company S&P Global. Bankers on these teams may lose anywhere between 20% to 45% in pay in 2022, independent compensation firm Johnson Associates Inc. reported...
Bank of America to Use Ripple’s ODL Products Following SEC Suit
Once the U.S. Securities and Exchange Commission lawsuit against Ripple Labs Inc. is resolved, Bank of America will partner with the San Francisco-based payments platform, according to The Daily HODL and other media. Ripple Labs’ Chief Executive Officer, Brad Garlinghouse, allegedly told Linqto Director of Member Sales Nick Burrafato that the bank will use Ripple’s on-demand liquidity (ODL) product once the case is finished, the reports said...
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Goldman Promotes Record Number to Partner
Goldman Sachs Group Inc. promoted 80 bankers to partner roles in November, the largest (and most diverse) new class in four years. Goldman promoted 60 new partners in 2020 and 69 in 2018, when Chief Executive David Solomon took over. In 2022’s group, 29% are women, 24% are Asian, and 9% are African American, all showing increases since 2020...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
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