Why Barclays Will Be Just Fine Without Diamond, Ricci
Say what you want about Bob Diamond and Rich Ricci, but the two former investment banking patriarchs at Barclays knew how to generate revenue. With the two now out of the fold, will Chief Executive Antony Jenkins fare as well?
Many doubters were quieted last week with Barclays’ massive U.S. M&A coup. The bank is advising Dish Network on its unsolicited $25.5 billion bid for Sprint, which is actively being reviewed, and joining J.P. Morgan in advising Thermo Fisher Scientific on its $15.5 billion bid for rival Life Technologies.
The deals helped Barclays make a giant move up the global M&A league tables, jumping from eighth to third. In the U.S., where Barclays has been particularly successful recently, the firm jumped to the number two spot, behind perennial leader J.P. Morgan.
There appears to be one man in particular who Barclays can thank for drowning out the cries of those believing Barclays is handing away its one real strength: Paul Parker.
The head of global corporate finance and M&A at Barclays led both massive deals, according to Financial News. That’s $41 billion worth of deals thrown around in one day. Who needs a Diamond or a Ricci? Jenkins may well ask.
The European arm of U.S investment bank Jefferies recorded a $38.7 million loss in fiscal year 2012, down from a near $70 million gain a year earlier. The firm added more than 100 staffers during that time. If things don’t pick up, perhaps they will opt to become more “efficient.”
Here’s a new explanation for the financial collapse. Professor David Nutt believes cocaine was the key contributor.
An interesting debate surrounds the upcoming sentencing of Todd Newman, a former portfolio manager at Diamondback Capital Management who pled guilty to insider trading charges in December. His lawyers are asking for leniency because, unlike in other similar cases, Newman didn’t make all that much money from the tips.
A new study suggests that 44% of junior M&A and corporate finance bankers who join banks out of college leave the industry within three years.
Susan Gordon, chief operating officer of U.K. broker Oriel Securities, has left the firm. One of Gordon’s responsibilities when hired in 2009 was to help the firm reduce headcount. That process appears complete.
Buzz Around the Office
Famed financier and philanthropic investor George Soros is alive and well. Reuters has a different take. The media company accidently published a premature and rather unflattering obituary of Soros.
List of the Day: Alternative Job Seeking
If you are having trouble finding work, try these alternative approaches to get noticed.
- Start a blog.
- Create a YouTube resume.
- It’s called a twesume, a 140-character CV.