Investment banking

Amid a deal drought that has dragged on for more than a year, Wells Fargo is cutting 40 to 50 jobs in its corporate and investment bank division, say people with knowledge of the decision.  

Regulators are looking into practices within JPMorgan's securities arm and investigating parts of its trading operations, according to a regulatory filing by America's largest bank.

As Chief Executive Officer Christian Sewing doubles down to lower expenses and increase profitability, a new round of cuts is expected to exceed the 800 announced in April.

Net income was $2.06 billion in the third quarter, down 33% from a year earlier, amid sluggish banking activity, real estate write-downs and questions about whether dealmaking will rebound.

After Archegos' collapse, Nomura had lost almost $3 billion, one of the biggest losses in the history of the prime-broker industry that caters to investment funds.

The cuts are said to be part of a plan to trim headcount by about 300 people — or 3% of overall jobs — across the corporate and investment bank.

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

Mergers and acquisitions are rebounding and equity capital markets are thawing, says C.S. Venkatakrishnan. That's a welcome forecast after a persistent slump sapped investment banking revenue across the industry. 

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.