Lunchtime Links: Possible stay of execution for jobs at Evolution?

18 October 2011

2 minute read

Lunchtime Links: Possible stay of execution for jobs at Evolution?

As we mentioned last month, things have been looking tenuous for people at Evolution Securities. They are being acquired by Investec, which apparently wants to make 75% of Evolution's investment bankers redundant and 'cherry pick' the best staff.

Fortunately, therefore, it emerged this morning that Aberforth Partners, Evolution's largest shareholder, is having second thoughts about the deal and has withdrawn its support. Less fortunately, Evolution wants to press ahead anyway. Aberforth holds 10.84% of Evolution shares, Blackrock holds 10.64% and Schroders holds 6.24%.

eFinancialCareers is very good for finding jobs in Asia. (Financial Times)

Vikram Pandit: It's the emerging market companies that are doing the IPOs. It's the emerging market companies that are going to need issuance of debt and all of the M&A that goes with that. (Seeking Alpha)

$1.9bn of Citigroup's $3.8bn net income was due to DVA. (Reuters)

Citigroup is still closing its prop trading unit. (Bloomberg)

State Street is considering pulling out of some businesses. (Dealbook)

Meet the NY bankers who have become cab drivers. (NY Times)

Maybe RBS is fine. Maybe Deutsche isn't. (Alphaville)

RBS: Inside the bank that ran out of money. (BBC)

Man holding placard saying, 'rich beware, your days are numbered,' seems to be this Buddhist film student. (Ethan Race)

AUTHOReFinancialCareers UK

Insider Comment

Sa
Sarah, Editor, eFinancialCaree
20 October 2011
@Nopants - Ok, I've changed it. I always read the articles I base links on. That time, I didn't.
Reply
Fr
Freddie Nopants
20 October 2011
@Sarah - please, call me Freddie.
Read this carefully. State Street does not have an investment banking unit. The suggestion referred to in the article, that they might consider selling their investment management unit, did not come from State Street. State Street makes it pretty clear in their "yawn, business as usual" response that they are not considering selling anything. Your nine word summary of the article is therefore plain dumb wrong on two counts, and completely misleading as a result.
So... Nine words, one link, three errors, some transatlantic fingerpointing and an irrelevant mumble about trading operations.
You may not know what investment banking is, but trust me, you'd be a natural.
Reply
Sa
Sarah, Editor, eFinancialCaree
19 October 2011
@Nopants - we're correcting the Blackrock reference which is, clearly, nonsensical.
Journalists have later lunches than most people and yesterday's lunch was particularly late as it coincided with the results of both Bank of America and Goldman Sachs.
Re State Street - that link came straight from our US editor. Yes, the article was Dealbook rather than Bloomberg and this has been changed. The article does refer to business unit disposals (albeit not investment banks in particular). State Street does have trading operations...
@square - there is no proofreader. We rely upon the good nature of people like you to spot our mistakes...
Reply
sq
square
19 October 2011
"thinks have been looking tenuous" ?
Who does the proofreading?!
Reply
Fr
Freddie Nopants
19 October 2011
"Blackrock holds 10.64% held by BlackRock."
Uh?
"State Street is considering dumping its investment banking unit. (Bloomberg) "
Er... the link isn't to Bloomberg, State Street doesn't have an investment banking unit, and there is no suggestion, if you read the article, that State Street is considering dumping anything.
Come on. You really suck at this editorial stuff. The lack of care taken, particularly with the "Lunchtime Links", is embarrassing. The column is frequently either gobbledegook like this or delayed (Late Lunchtime Links). Then again... journalists... lunchtime...
Reply