Investment banking

CEO Charlie Scharf has added another former JPMorgan Chase colleague to his leadership team as his shake-up of Wells Fargo continues. The hire of veteran investment banker Doug Braunstein comes as Scharf makes progress on his efforts to grow Wells' investment bank.

The Fort Lee, New Jersey, company has hired a pair of veteran investment bankers to lead an effort serving fintechs' capital market needs. It described the move as "doubling down" on its commitment to the sector.

Retail tycoon Mike Ashley says his lawsuit against Morgan Stanley is in part because the bank acted out of "snobbery."

Generative artificial intelligence could streamline numerous operations across the financial services landscape, from building investor presentations to processing regulatory and legal documents.

Jim Esposito, one of Goldman Sachs Group's most senior executives, is leaving after almost three decades with the firm.

The Wall Street giant did a lot of backtracking last year, abandoning its plans to become a bank for everyone. Now it's refocusing on growing its tried-and-true businesses of dealmaking and asset management.

Two weeks after Ted Pick rose to CEO, the company slightly revised its long-term targets for efficiency, return on tangible common equity and other metrics. Yet, Pick says, "there's not a change in strategy" after the departure of his predecessor, James Gorman.

Firms including Banco Santander and Toronto-Dominion Bank's U.S. investment banking arms have been adding to their convertible bond teams, anticipating that companies refinancing existing debt will be drawn to the asset class in the next several years.

The big China deals that lined rainmakers' pockets for decades have evaporated. Banks and law firms alike are cutting jobs. Those advisers that remain are chasing smaller deals and taking extended vacations.

Wells Fargo makes a $1.5 million investment in Black entrepreneurship; America Express promotes small businesses through augmented reality; shareholders approve the Banc of California-PacWest merger; and more in the weekly banking news roundup.

There's a reason why successful bankers with long careers look back on their time spent as vice presidents as among the best of their working years.

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.