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The feelgood factor from the election of Narendra Modi as prime minister does not seem to be translating into better fees for IPO bankers – yet.

Perhaps the most interesting story of the month was the news that Paul Taubman was selling his recently formed corporate finance firm, PJT Partners, to Blackstone, and that Blackstone would spin off its entire advisory arm in to a standalone entity. Ostensibly this is a good thing as Blackstone, which manages over $200 billion of assets in private equity and real estate, is often accused by advisory clients of having conflicts of interest. The new advisory entity will still be 65% owned by Blackstone, so I’m not convinced this new structure answers the conflict of interest criticism. But perhaps I’m missing something.

It has been a difficult year for big European and American banks. But then come to think of it, none of the years since the demise of Lehman Brothers in 2008 have been easy for them. That makes six full years that banks have been in the doghouse. In the first few following the crisis, they were derided as greedy, evil rogues who had nearly crippled the global economy.

In the past, it has been forced by regulators to raise capital unexpectedly. Nevertheless, as far as I am concerned, Credit Suisse is stuck in the middle of nowhere and has lost a huge amount of momentum since the tumultuous crisis era, when, ironically, it looked like the smart kid on the block. I have lost count of how many senior management re-organizations chief executive Brady Dougan has announced that juggle the same, long-serving employees but don’t seem to move the business forward. In mid-October, yet another Credit Suisse investment banking re-jig crossed the wires. Jim Amine and Tim O’Hara have been promoted to lead the division jointly with Gael de Boissard. They will join the executive board. Eric Varvel, who previously co-headed investment banking with de Boissard, changes his role to chairman of the bank’s Asia Pacific and Middle East regions. Amine, (advisory), O’Hara (equities), and de Boissard (fixed income) will each continue to look after their original areas of focus.

The financial sector remains central to the eurozone’s economic woes. Promises of ECB support only prolong the problem.

The analysis of structured, semi-structured and unstructured information from multiple sources, commonly referred to as ‘big data’, could improve FX pricing as well as reduce the potential for regulatory infringements, according to technology experts.

Catching lightning in a bottle

Peru’s investor safety has come under close scrutiny from economists over the past year, forcing it down to 45th in the global rankings. Although its risk rating remains far better than it was 10 or 15 years ago, several of the country’s economic and political risk indicators have slipped recently, mostly in response to falling minerals prices, weakening production and investment in the mining sector. This, in conjunction with lower state capital spending has pushed GDP growth down to around half the 6%-plus average recorded for the past decade. The resignation of finance minister Luis Miguel Castilla and impending sub-national elections are unsettling the political environment, and there are question marks hanging over corruption in Peru and its institutional strengths – two of the political risk assessment factors scoring fewer than half the points available. Yet the sovereign’s prospects remain favourable, with orthodox policies and large infrastructure projects continuing, including a gas pipeline, new copper and gold mines scheduled to start production over the next few years, and expansion of the Lima metro railway system.

Albert Essien has brought much-needed calm to a bank that, just a few months ago, was in crisis. Ecobank’s African network remains intact. It now has two powerful, strategic shareholders. But can the bank avoid repeating the mistakes of the past?

The country’s banks will not be able to shoulder the debt burden of its planned infrastructure programme. But palatable alternatives that don’t involve government guarantees aren’t yet ready, so for the foreseeable future, debt refinancing of projects is confined to after construction.

Politicians have promised that reform is on the way. International investors are apparently ready to step in if the conflict calms. But will it be in time to rescue an economy bedevilled by fighting, corruption and currency shortages? Banks are struggling to survive, hamstrung by lack of funding and capital. On the eve of parliamentary elections, Euromoney visited Kiev to canvass the views of policymakers, bankers and international sponsors. Is there light at the end of the tunnel?