Investment banking

Apollo Global Management, Pagaya Technologies and Sixth Street are said to be working on final offers for Goldman Sachs Group's consumer-lending unit.

The New York megabank is considering splitting its institutional clients group division into three parts following the upcoming departure of top executive Paco Ybarra, the Financial Times reported. The heads of the three segments would report directly to CEO Jane Fraser.

Median noninterest income at midsize banks rose 7.2% in the second quarter, exceeding expectations. Dallas-based Texas Capital stood out from the pack, reporting a large uptick in fee income thanks largely to its new investment banking platform.

Bank of America's second-quarter profit soared after its core Wall Street businesses exceeded analysts' expectations.

The U.K. entrepreneur died from a rare form of bone cancer, with which he was diagnosed at the start of 2020.

Tom Drake is joining Wells from Barclays as a managing director in its mergers-and-acquisitions group focusing on health care services and medical-technology deals. Chris Norman, most recently at Citigroup, is joining as a managing director in M&A focusing on technology in San Francisco.

Citigroup executive Jay Collins says the company is "absolutely interested" in arranging new deals in the market for debt-for-nature swaps, which allow countries to restructure their debt in exchange for promises to protect the environment.

UBS Group AG poached nearly a dozen of the firm's top technology bankers, while others have left for Pickering Energy Partners and Jefferies Financial Group Inc.

The unit's CEO, Jeff Leerink, and his management team are said to be preparing to announce a deal for the firm in the coming days, pending approval from the U.S. Bankruptcy Court for the Southern District of New York.

The longtime executive and former Trump Administration official will rejoin Goldman colleagues at merchant bank BDT & MSD Partners.

The $15 a share price represents a 121% premium to where Greenhill's stock traded at the close of Friday, before the deal was announced.

Lazard posted a surprise loss for the first quarter and in April announced plans to reduce its workforce by 10% this year, predicting a slowdown in M&A advisory business will last through 2023.

The banking and trading group is expected to shoulder many of the reductions, which come a few months after the firm trimmed about 2% of its workforce.

Morgan Stanley's investment bank and its giant wealth unit surpassed analysts' expectations in the first quarter even as profits fell from a year earlier, dragged down by a drop-off in dealmaking and a jump in loan-loss provisions.

Fixed-income trading revenue declined 17% in the first quarter, contributing to firmwide revenue that fell short of analysts' estimates. Overall net income dropped 19% to $3.09 billion.

The bank is reassigning staffers to busier divisions as attrition and hiring slow.

Longtime Citi M&A exec ran for NYC mayor after leaving the bank.

The recent drought in deals means the company "may have to repace in certain areas" its investment banking unit has beefed up in for years, including energy, biotechnology and health care, Chief Financial Officer Mark Mason says.

The new management layer would be senior to the bank's managing directors, executives told employees at an off-site.

Apollo Global Management is in talks to inject the funds to support the leveraged-finance business of Credit Suisse Group's investment banking spinoff First Boston, potentially making it one of the biggest backers of the Swiss lender's revamp.