StanChart equities closure is overdue but welcome

January 8, 2015

The emerging markets bank has pulled the plug on its share trading and underwriting arm, cutting 200 jobs. It’s a rational but still-rare step for a business that suffers from chronic overcapacity. Rivals will feel extra pressure to justify their decision to soldier on.

Facebook’s underwriter friends are cheap insurance

March 12, 2012

The social network’s IPO now has 31 banks working on it. There’s no evidence having more underwriters affects early stock performance either way, and some may be friends of convenience rather than necessity. But for Facebook it’s extra reassurance at little, if any, cost.