Unstructured Finance

Lehman staffers clog banks’ hiring pipelines

By Reuters Staff
September 30, 2008

lehman-man-2.jpgWall Street banks are seeing a glut of resumes from Lehman Brothers, as staff there are contacting colleagues at other firms directly to find new jobs after their investment bank went bankrupt. Some banks, including JPMorgan Chase and Credit Suisse, have told headhunting firms looking to find jobs for former Lehman Brothers employees that they will not pay the firms for putting them in touch with these job candidates, because they are already inundated with direct applications.

Nomura moves to lock in Lehman’s Asia group

By Reuters Staff
September 30, 2008

nomura.jpgHONG KONG, Sept 30 (Reuters) – Japan’s Nomura Holdings plans to match last year’s bonus pool for Lehman Brothers’ Asia group, according to sources familiar with the matter, in an effort to prevent Lehman bankers from leaving.

Opinion: Demand for displaced bankers will still exist

By Reuters Staff
September 30, 2008

John A. Challenger is chief executive officer of global outplacement and business coaching consultancy Challenger, Gray & Christmas, Inc. The opinions expressed here are his own.

Bankers turn philanthropists in search of a job

By Reuters Staff
September 30, 2008

gorillas1.jpg

LONDON (Reuters) – A wave of job cuts in the wake of the financial markets meltdown is causing hundreds of City bankers to turn to UK charities in search of work.

Offshore drilling eclipsed by Wall St. debacle

September 30, 2008

 

John McCain’s crowd-pleasing chants of “drill here, drill now” and “drill baby, drill” seem like distant echoes of a quainter time — before the debacle on Wall Street.

Do you multi-channel?

September 30, 2008

best-buy.jpgShoppers hunting for consumer electronics are the most likely to visit both brick-and-mortar stores and the Internet while deciding which product to buy, according to a new study.

Hostile deals are popular in techland

September 30, 2008

bull1.jpgBailouts and shotgun weddings might be the order of the day for financial institutions, but among tech companies, hostile deals continue to win the popularity stakes. The fact that this year’s biggest hostile tech deals have failed to produce mergers — think Microsoft-Yahoo, Electronic Arts-Take Two, Cadence-Mentor – has done little to curb appetites for unsolicitied deals, which have hit record levels in the U.S.

MAC clauses – strange animals indeed

September 30, 2008

moose.jpgMAC clauses have long been controversial in deals. But in a ruling out of Delaware last night on the hotly disputed Huntsman transaction, they took on a life of their own.

Check Out Line: Halloween spending not so spooky!

September 30, 2008

halloween.jpgCheck Out more people escaping the troubled U.S. economy by turning themselves, their children and their pets into ghosts and goblins.

Buyers’ Market

September 30, 2008

A trader stands outside the New York Stock Exchange September 29, 2008. REUTERS/Shannon Stapleton (UNITED STATES)A good meltdown never fails to bring out the bargain hunters. With congress celebrating the Jewish New Year, no deal on a bailout package can emerge before tomorrow at the earliest. And yesterday’s setback has sparked plenty of talk that agreement will be harder to achieve than thought over the weekend. Now uncertainty rules the markets and the rolloercoaster is gaining speed. What’s a bargain hunter to do? 
 
In London, shares of HBOS tanked more than 20 percent as talk swirled that Lloyds TSB would seek a lower price for its accepted takeover of the struggling British lender. Lloyds’ shares rose more than 3 percent. The longer it takes, and the more uncertainty that plagues the market, the better the case becomes for buyers of distressed rivals to renegotiate their deals. Buyers looking for better prices can easily point to changing circumstances to make their case.
 
Overnight, a Delaware chancery court judge ruled against private equity firm Apollo Management, which had been trying to walk away from a deal to buy Huntsman because, claiming Material Adverse Conditions had made its offer for the specialty chemicals group untenable. Maybe they should have, as the judge suggested, appeared more willing to deal.