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Morning Coffee: M&A bankers and traders the darlings of investment banking in 2015?

investment banking

Now it’s time to start thinking about the third quarter reporting season, the question has to be asked whether investment banks are heading for a post-correction slump or a mere wobble in an otherwise patchy year.

There’s a lot of bad news – debt capital markets activity has ground to halt in the US, which was propping up an already slowing market, equity capital markets are down and the while M&A is a bright spot, the all-important pipeline is slowing.

While the advisory work had a slow summer, the market gyrations should have, in theory, provided some much needed volatility for the trading desks. Hot spots include mortgage related bonds, foreign exchange and derivatives.

But, there’s always the possibility that some trading desks could have been caught napping.

Separately, recruiters Randstad have pointed to a much more secure career – accounting. Their ‘confidence index’ suggested that 62% of accountants are optimistic of their ability to find a new job and 78% have calculated that it’s unlikely they will lose their jobs over the next year. Also, 54% said it was unlikely they would voluntarily leave their jobs.

Best Investment Banks for Which to Work (eFinancialCareers)

Morgan Stanley suggests that these are the best banks to work for by business area.

Strange Ways Banks Attract Talent (eFinancialCareers)

Investment banks need to start bringing in talent through ‘excubation’.

Upcoming Rules Could Impact U.S. Collateralized Loan Sector (FT)

The collateralized loan obligation sector may see consolidation with a forthcoming risk-retention rule. Smaller providers may be especially impacted when managers will need to retain 5% interest in new deals.

Ex-Hanlong Executive Pleads Guilty to Insider Trading (WSJ)

Ex-Hanlong Mining Investment managing director Xiao Hui has pleaded guilty to insider-trading charges in Australia. The case dealt with Hanlong’s planned investments in Australian-listed resources companies.

Banker Launching Quantitative Long/Short Equity Fund (FinAlternatives)

Ex-Credit Suisse private banker Shilpi Chowdhary is launching an Asia Pacific quantitative hedge fund. Ataraxia Quant Fund Asia Pacific will begin trading in October.

Departures at RBC’s Distressed-Debt Trading Group (Bloomberg)

A distressed-debt trader at Royal Bank of Canada in New York has left the bank along with a debt strategist, according to news reports. RBC’s credit team saw several other departures earlier in the year.

BlackRock Starts Event-Driven Hedge Fund (FinAlternatives)

BlackRock’s Mark McKenna is starting a new event-driven hedge fund. He formerly worked at Harvard Management Company.

Could Lafferty Head to HSBC? (Bloomberg)

Dennis Lafferty, a veteran Goldman Sachs distressed-debt trader, may be talking to HSBC about working there on a new loans and special situations initiative. Lafferty, a managing director at Goldman, has been co-head of distressed-debt trading.

Quote of the Day:

“Londoners now have to suffer views of this bloated carbuncle crashing into London’s historic skyline like an unwelcome guest at a party from miles away,” the eyesore of the City of London.

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