Bank of America promotes James Gill to lead European financial coverage
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…
Read More »Meet the 25 rising stars of investment banking
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…
Read More »Goldman Sachs, Coinbase and more
Check out some of the top engines on the premarket: Goldman Sachs ( GS ): Goldman gained 2.6% in premarket trading after upbeat earnings and revenue. Second-quarter earnings were $7.73 per share, compared with a consensus estimate of $6.58 per share. Goldman’s profits fell from a year ago, however, as the pace of trading slowed. Synchrony Financial ( SYF ) — Shares of the financial services company rose 3.5% in premarket trading after it reported better-than-expected second-quarter profit and revenue. The synchronicity pointed to optimistic loan growth and credit trends, and consumers remain strong. Coinbase (COIN): Coinbase rose 6.5% in…
Read More »FCA staff criticize leadership failures in internal survey
Staff at the Financial Conduct Authority have criticized the regulator’s leadership in an internal survey. Sixty percent said they had no confidence in the regulator’s executive committee, according to the staff survey seen by Financial News, up 36% from last year. 59% said the executive committee did not communicate effectively with employees and 31% said management did not make their expectations clear. Only 39% thought management “genuinely seeks and responds to suggestions” and 40% said management did not have a clear vision of where the organization was going. The staff survey had more than 2,700 responses, or 77% of FCA’s…
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Live news updates from July 18: Goldman wins by almost half, Tugendhat knocked out of Tory leadership race
July has become a month of unexpected plebiscites. First there’s the mind-boggling: the UK’s ruling Conservative party will allow a vote of confidence in itself on Monday. This “sideshow” as the FT’s parliamentary team dubbed it last week, which is certain to be won by the ruling party, is best seen as an effort to instill unity among Tory MPs after the Prime Minister’s tumultuous implosion Boris Johnson. Which brings us to “Super Monday”, plenty of showdowns and another vote to further whittle down the field of Tory MP candidates seeking to be the new leader – and therefore prime…
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Financial News names William Blair’s Jack Blomfield a rising star in investment banking
Jack Blomfield, partner at William Blair and managing director of the firm’s London office, was named in Financial News’ Rising Stars of Investment Banking list published on 18 July. The list honors the top 25 emerging investment bankers under the age of 40 serving the UK and European markets. Blomfield, who joined William Blair in 2010 as an analyst, helps lead service coverage sector in Europe, originating and executing mergers and acquisitions operations. In January, he became one of the youngest bankers to become a partner at William Blair, a leading global business team. Blomfield has been instrumental in expanding…
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Tech News Today for Financial Advisors: Google Splits, IBM Reports
Silicon Valley has certainly lost its groove this year. Many of the growth companies have suffered massive drops in their stock prices. The sector has also experienced an increase in layoffs. By lowering stock prices, splits like Google’s on Monday may generate more interest from retail investors. Photo illustration by Barron’s Advisor; Dreamtime (2) But maybe things have become too negative? Over the past few weeks, the tech has managed a decent rally. Even the harassed ARK Innovation ETF (ARKK) has posted a 13% gain since the beginning of July. Whether this will last is impossible to say. Second quarter…
Read More »Hundreds of crypto companies fail FCA money laundering test
Only 13% of crypto companies that applied for authorization under the Financial Conduct Authority’s money laundering rules over the past two years have been successful. The regulator has received a large number of applications under the Fifth Anti-Money Laundering Directive – 5MLD – introduced in January 2020, bringing crypto service providers into the rules requiring additional checks on customers and risks of dirty money to be supervised. TO READ Binance fined more than €3m by Dutch regulator amid push to expand into Europe But only 35 of 273 applications to the UK watchdog under the scheme have succeeded. The FCA…
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