Olivia's Feed
Nov 9, 2015

Wall Street bonuses expected to fall as much as 10 percent: report

By Olivia Oran

(Reuters) – Wall Street bonuses are expected to decline for the first time since 2011, according to a study by compensation consulting firm Johnson Associates Inc.

Year-end compensation will be lower by 5 percent to 10 percent broadly throughout the financial services industry, the report said on Monday, with fixed-income traders experiencing an even larger drop as bond trading revenue continues to be weak.

Nov 5, 2015

Exclusive: Airport restaurant operator OTG hires banks for IPO – sources

By Lauren Hirsch and Olivia Oran

(Reuters) – OTG Experience LLC, an operator of restaurants at major U.S. airports, has hired banks for an initial public offering (IPO) which it hopes will value it at more than $2 billion including debt, according to people familiar with the matter.

OTG is working with Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and Credit Suisse Group AG (CSGN.VX: Quote, Profile, Research, Stock Buzz) on the potential IPO, which could raise between $300 and $400 million, the people said this week.

Nov 5, 2015

Goldman Sachs to promote junior bankers faster in bid to keep talent

By Olivia Oran

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) unveiled a series of changes designed to retain junior bankers, including promoting them more quickly and encouraging mobility within the firm.

The changes come as Goldman and other banks have taken steps over the last several years to keep on junior employees, known as analysts and associates, in light of increased hiring competition from technology companies, hedge funds and private equity firms who may offer higher pay and better hours.

Nov 5, 2015

Deutsche Bank healthcare bankers depart for JPMorgan

Nov 5 (Reuters) – A pair of Deutsche Bank AG
healthcare investment bankers are leaving for JPMorgan Chase &
Co a little more than a year after joining the German
bank, according to people familiar with the matter.

Peter Zippelius and Andrew Bhak, who co-headed Deutsche
Bank’s healthcare services group, had both been hired in April
2014 from Morgan Stanley. They will start at JPMorgan
later this month, one of the people said.

Nov 5, 2015

Deutsche Bank healthcare bankers depart for JPMorgan one year after hire

Nov 5 (Reuters) – A pair of Deutsche Bank AG
healthcare investment bankers are leaving for JPMorgan Chase &
Co a little more than a year after joining the German
bank, according to people familiar with the matter.

Peter Zippelius and Andrew Bhak, who co-headed Deutsche
Bank’s healthcare services group, had both been hired in April
2014 from Morgan Stanley. They will start at JPMorgan
later this month, one of the people said.

Nov 3, 2015

Morgan Stanley Americas M&A head Eatroff departs for Comcast

By Olivia Oran

(Reuters) – Morgan Stanley’s Americas M&A chief Bob Eatroff is leaving the bank for a corporate development role at Comcast Corporation, the second departure this fall of a senior dealmaker at the bank.

Eatroff will join the cable company, his longtime client, in January 2016 after spending over 20 years in the investment banking division at Morgan Stanley. He advised Comcast on several transactions over the years, including the acquisition of NBCUniversal.

Oct 22, 2015

Lazard profit beats forecast after busy quarter for M&A

Oct 22 (Reuters) – Lazard Ltd, a financial advisory
and asset management firm, reported a better-than-expected
profit and record quarterly operating revenue after advising on
several billion-dollar deals.

Low U.S. interest rates have helped to push merger activity
to levels last seen before the financial crisis in 2008, driving
a 19 percent jump in Lazard’s quarterly fees from takeovers.

Oct 21, 2015

Goldman adding data scientists, marketers in consumer lending push

By Olivia Oran

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) is looking to hire engineers, data scientists, operations staff, and customer service professionals as it builds up its online lending business, according to people contacted by the bank and online job postings.

The most powerful bank on Wall Street has made a series of key hires as it muscles into the consumer lending business, where it hopes to use technology to compete against traditional lenders and startups.

Oct 21, 2015

Natgas venture by ex-Morgan Stanley traders seals first deal

Oct 20 (Reuters) – A novel U.S. natural gas venture launched
by former Morgan Stanley trading executives has secured
its first major deal, allowing it to capitalize on seasonal
supply shortages in pockets of the Northeast.

A large oil and gas company has agreed to buy as much as 90
billion cubic feet of compressed natural gas over five years,
the new company, Pentagon Energy, said in a statement. The gas
will be shipped by truck from a CNG station in the heart of the
Marcellus shale gas field to power plants across the Northeast.
Pentagon declined to name the buyer of the gas.

Oct 20, 2015

Morgan Stanley’s trading rout sets grim tone for fourth quarter

By Richa Naidu and Olivia Oran

(Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) on Monday warned that there was little hope for a quick turnaround in its key trading business given the persistence of global growth concerns that helped pummel the bank’s third quarter earnings.

Chief Executive James Gorman was put on the defensive after a 42 percent slide in bond trading, one of its worst performances since the financial crisis, and a drop in its private-equity business sent net income skidding.