Month: July 2022

The world’s biggest investment banks have already started to cut dealmaker jobs as revenues fall after last year’s hiring season. Figures from data provider Coalition Greenwich suggest that the 12 largest investment banks in its analysis: Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, SocGen and UBS, have been cut. its ranks of investment bankers in the second quarter with brutal market conditions. “We have already seen declines in workforce activity in the investment banking division [Q2 2022] as incomes continue to decline,” the Coalition report said. Financial News has reported…

Negotiators have a new reason to come into the office: to avoid job cuts. Bank executives continue to preach the benefits of hybrid working, but negotiators say they face pressure to return to the office, or hit the road, as companies prepare for a new wave of layoffs amid of the drop in income. “When everyone was locked up and working remotely, we were all the same. Now that there’s an option to travel and be in the office, competitively, we’re going to find out which one is better,” said Bob Diamond, former head of Barclays who now is CEO…

The ongoing fallout from the Ukraine war and the crypto crash are creating a greater risk to financial stability, the Financial Stability Board of international regulators has warned. In a letter to G20 finance ministers and central bankers, Klaas Knot, chairman of the FSB, warned of spillover effects due to volatility in commodity markets. “The volatility in commodity markets following Russia’s invasion of Ukraine has highlighted the risk of financial stress in these markets, through large margin calls, undetected leverage and concentrated exposures,” he wrote. At a news conference, Knot told reporters that the volatility has highlighted the complex links…

ANGOLA — Steuben County got some good fiscal news Tuesday, even if some members of the Steuben County Council, like tough Dan Caruso and tax hawk Ruth Beer, worry about the county’s finances. It was good news, however, presented Tuesday by Nichole Franklin of Peters Franklin Financial, a municipal financial consulting firm in Franklin. “Overall, overall, things are looking good,” Franklin said. “You have enough cash. You have good rainy day funds.” If there was a downside, Franklin said spending on public safety has been increasing. However, these increases, especially a pay increase in the sheriff’s department, have been offset…

Bank of America has promoted trader James Gill to lead its coverage of financial companies in Europe. Gill, who joined Bank of America from insurer Prudential in 2020, will lead the US firm’s financial institutions group in Europe, the Middle East and Africa following a reshuffle of the unit in recent months, according to an internal memo seen by Financial News. . Arif Vohra, who had co-led Bank of America’s Emea FIG business until September last year, when he moved to a chairman role, moved to Barclays in June. Giorgio Cocini, who had co-led Bank of America’s Emea FIG business…

This year’s Rising Stars of Investment Banking list comes after a frenetic period for young professional nominees, as trading hit new highs last year after initially being curtailed by Covid lockdowns. Now, rising inflation and rising interest rates mean the 25 rising stars under 40 are facing economic conditions many won’t have dealt with earlier in their careers. As a result, deals are already slowing. However, the resilience they have built up by advancing their careers, taking on new responsibilities and receiving promotions amid the challenges of the pandemic has prepared them for what comes next. See who made the…