Morning Coffee: Strong December Providing Renewed Hope for Bankers

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Only pretending to be cheerful

With investors selling stocks to avoid fiscal cliff tax hikes, those bankers who have jobs booked a relatively solid December.

Global debt capital markets and M&A volumes each hit five-year highs for the month of December, while equity capital markets volumes for the month were up more than 75% year-over-year, according to Financial News. Investment banking fees, meanwhile, reached their third highest monthly total of the year in December, with J.P. Morgan setting the standard.

The positive news obliged at least one analyst, Nomura’s Glenn Schorr, to update his full-year estimates for certain banks, according to Financial News. “There seems to be some renewed hope that we’ll see rising rates in 2013,” Schorr said in a note.

Meanwhile, the private sector added 215,000 jobs in December, easily trumping estimates. Layoff announcements were also down. So the holiday season wasn’t that bad.

Beware of Basel (Bloomberg)

The minutia of laws meant to make the global banking system safer are like “a bunch of bumper cars,” one analyst told Bloomberg. “On their own, each might do some good things, but they bump into each other over and over. That could render them useless, or worse perhaps harmful.”

Trial Time (CNBC)

Former SAC portfolio manager Mathew Martoma, arrested last month on insider trading charges, pleaded not guilty on Thursday.

I’m Out (Bloomberg)

Progress made on a debt ceiling compromise won’t hamper Treasury Secretary Timothy Geithner’s plans. He will reportedly leave his post at the end of January, whether or not a deal is reached.

Financial Services Recruiter Predictions for 2013 (eFinancialCareers)

Most are anticipating more risk and compliance recruitment, with front office hiring still barren.

Market Pressures (Financial News)

Funds of funds manager Stenham Asset Management has seen several of its top players leave as the firm has essentially exited the institutional market.

IPO Environment Looking Up (Financial Times)

Initial public offerings were down last year. Way down. Analysts and bankers, however, expect 2013 to be a much better year.

Buzz Around the Office

Slashing Budgets, Err Tires (MSN)

A former New Mexico congressional candidate is under arrest after security cameras caught him slashing the tires of his former opponent.

List of the Day: Getting Promoted

The start of the year is a great time to begin your charge toward a promotion. Here’s how to get started.

  1. Find out what your boss is looking for.
  2. Get the extra skills you need.
  3. Begin networking internally

(Source: The Daily Muse)

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