Where Are Wall Street's Earnings Going to Come From? [DealJournal]
Second-quarter investment-banking revenue figures from Dealogic raise the question: Where is Wall Street's revenue going to come from this earnings season? Not from M&A, debt and equity underwriting and syndicated loans, where revenue down 11.5% from the first quarter and 15.7% from the second quarter last year. While Wall Street has been able to count on trading revenue to make up the difference, that won't happen this quarter. Analysts predict trading revenue has dropped as risk aversion returned to the markets.
Cantor Fitzgerald: The First Wall Street Firm to Become a Bookie in Vegas [Daily Finance]
At the newly opened M Resort Spa & Casino, Cantor has turned betting into something more like trading. Gamblers sit behind double-screen terminals or work from hand-held devices. And there are cocktails.
China Career Update: are foreign firms guilty of talking up their hiring plans? [eFC Hong Kong]
Whenever foreign banks in China announce aggressive future hiring targets there, many in the industry ask whether the numbers are grounded in reality, or just wishful thinking. After all, banking is a sector constantly suffering from a critical shortage of talent.
A.I.G. Chief Threatens to Quit if Chairman Stays [Dealbook]
The botched sale of the American International Group's Asian life insurance unit has led the company's chief, Robert H. Benmosche, to lay down an ultimatum concerning the company's chairman, Harvey Golub: It's either him or me.
UBS Teams With Former Merrill Lynch Strategist [WSJ]
UBS AG's Wealth Management Americas is teaming up with former Merrill Lynch & Co. chief investment strategist, Richard Bernstein, to help UBS determine clients' risk tolerance, how aggressive or conservative they need to be, and organize their investment portfolios accordingly.
Drunk British Banker Bet $520 Million on Oil Futures [Daily Finance]
A drunk British banker bet $520 million on oil futures during an alcohol-fueled all-night trading session last year. U.K. regulators say the trader, Steven Noel Perkins, formerly at PVM Oil Futures, was fined over $100,000 and banned from the financial services industry for at least five years. In about two hours, he lost some $10 million for his firm and briefly caused the price of oil to surge $1.65 a barrel to an eight-month high