Tuesday's Headlines: Braunstein Takes CFO Spot at JPM
JPMorgan Names Braunstein C.F.O. in Shake-Up [Dealbook]
JPMorgan Chase continued to shuffle its top management ranks, including by appointing one of its most senior investment bankers as its new chief financial officer. Douglas L. Braunstein, currently the head of investment banking for the Americas, will replace Michael Cavanagh as JPMorgan's financial chief.
Consider these numbers from Credit Suisse Group and Dealogic: With about a week and a half left in the second quarter, M&A volume is down 12 percent from the first quarter. Equity underwriting also is down 12 percent, while debt underwriting has plunged 38 percent. Uncertainty in the global markets has killed or postponed M&A deals and prompted companies to put off capital raising until the dust settles.
Société Générale's Full Banker Employment Act [DealJournal]
Société Générale Corporate & Investment Banking aims to hire 1,200 front-office traders and bankers in the next three years, as it builds a bigger fixed-income business and expands overseas.
Andrew J. Hall, the ex-Citigroup energy trader whose proposed $100 million payout became a symbol of excessive Wall Street compensation, raised $1.08 billion for the offshore version of a commodities fund.
Mirabile Dictu! The Fed Criticizes Wall Street Pay Practices [Naked Capitalism]
The normally bank-friendly Fed fired an unexpected shot across the industry's bow when it took issue with the failure to take sufficiently tough measures to curb undue risk-taking.
A new report puts number of high net worth individuals back to 2007 levels, at 10 million, with biggest growth in Asia-Pacific region.
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