Macaskill on Markets
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Wall Street’s Trump party could end in a hangover
US banks will get a trading and dealmaking boost from Trump’s re-election, but rising Treasury yields could pose challenges. -
Sideways: Timing is everything at Deutsche Bank
Former credit trader Shikha Gupta discovers that a verbal contract isn’t worth the paper it is written on. -
Macaskill on markets: In the year of equities, derivatives are key
It is turning out to be an equities year for the big investment banks, as fixed income revenues fall or stall and fees from dealmaking recover slowly.
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A US climate bill filled with green credits will create business for banks and provide relief from the backlash against ESG products.
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West Virginia state treasurer Riley Moore has opened another front in a campaign by Republican officials in the US against banks that promote ESG policies.
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HSBC Asset Management’s head of responsible investing has had it up to here with consultants and regulators lecturing him on climate change risk.
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The credit boom is serving the real-money investment community well, but many supposedly smart-money hedge funds and investment banks are missing out on the party.
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Life as an investment banker has always had its drawbacks. Colleagues try to steal your business, senior managers expect obeisance, and clients put your ideas out to tender with competitors.
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The recent publication of email exchanges from 2008 between the Bank of England and the British Bankers’ Association about Libor reform cast both in a poor light.
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Estimates of the impact of the Libor scandal have so far focused on potential direct costs in the form of fines and litigation expenses, tied to speculation about which investment bankers will be forced to follow Bob Diamond and Jerry del Missier of Barclays into unscheduled retirement.
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If German credit default swaps continue to rise – pricing in rising liabilities on Berlin’s balance sheet – Deutsche Bank’s historic funding advantage will take a knock. But, for the likes of Bill Gross and John Paulson, the great sell-Germany trade has to deal with a looming ban on naked shorts and will only pay off if the cash market cracks.
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The bank's chief executive Brady Dougan is under sustained attack internally and from disaffected shareholders amid financial pressure, a three-notch credit downgrade and a projected wave of job cuts.
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The JPMorgan credit derivatives trading farce is set to extend its run. Rival market players will have plenty of tactical opportunities for profits, but a bigger question for peer-group banks is whether they will be able to win back investment banking market share that was lost to JPMorgan after 2008.
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Jamie Dimon’s failure to control the traders gone wild in JPMorgan’s chief investment office has dealt a serious blow to the standing of group CFO Doug Braunstein and investment bank head Jes Staley.
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As JPMorgan's losses in credit derivatives are revealed, Euromoney columnist Jon Macaskill reveals just how the CIO division worked and the positions it took - and warns that other houses on Wall Street could try to make their rivals' losses worse.
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Media coverage of the staff in JPMorgan’s chief investment office turned up nuggets that ranged from the banal (credit derivatives trader Bruno Iksil has a penchant for wearing black jeans) to the comical (London head Achilles Macris had a picture of a missile on his apartment wall, in brave defiance of stereotypical assumptions about dealers).
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UBS chief executive Sergio Ermotti has taken a giant step back in the latest attempt to revive the ailing firm by hiring his former Merrill Lynch colleague Andrea Orcel as co-head of investment banking.
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As Greg Smith snags a $1.5 million advance for the rights to his memoirs, Euromoney columnist Jon Macaskill imagines what the former equity derivative specialist might reveal about his career at Goldman Sachs.
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As Greg Smith snags a $1.5 million advance for the rights to his memoirs, Euromoney columnist Jon Macaskill imagines what the former equity derivative specialist might reveal about his career at Goldman Sachs
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UBS chief executive Sergio Ermotti has taken a giant step back in the latest attempt to revive the ailing firm by hiring his former Merrill Lynch colleague Andrea Orcel as co-head of investment banking.
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Ronald Reagan once joked that the nine most terrifying words in the English language are: “I’m from the government and I’m here to help.” Wall Street traders tend to share the view that the business of profiting from capital flows works best with minimal interference, but the government in the form of the Federal Reserve recently gave the moribund market in mortgage-backed securities a big boost.
