Barclays’ investment bank stuttered in the first quarter, failing to follow rivals’ sharp dealmaking gains as revenue from fixed income trading tumbled by 21%. The UK lender, which has been looking to reduce reliance on its investment bank under a strategic shift unveiled in February, brought in revenue of £3.3bn for the unit, which was
The US legal giant has recruited financial regulation partner Sebastian Barling from the Magic Circle law firm, according to people familiar with the situation. Barling spent nearly 13 years at Linklaters and was promoted to partner in 2018. He previously spent four years at Reed Smith. Linklaters has been hit by a string of partner exits
Kirkland & Ellis has hired a finance partner in London from Allen & Overy. Vanessa Xu is a sponsor-facing leveraged finance partner who has been with the Magic Circle law firm for more than 17 years, making partner in 2017. Xu is joining Kirkland in London, the US law firm said in a statement. “Vanessa
Two years on from Russia’s invasion of Ukraine and global finance firms are still feeling the impact of the fallout, with many still scrambling to untangle their businesses from the region. The outlook for international finance giants in Russia remains on a knife-edge, as the country continues to face a host of challenges. These range
Legal and General Investment Management is set to overhaul its UK property fund amid pushback from investors and the regulator around liquidity issues plaguing the sector. Under the new structure, LGIM will adopt a “hybrid” approach: 45% of the portfolio will be held in direct property, with 45% reallocated into shares of globally listed real estate investment trusts.
Central bankers rarely get an easy ride. They are always doing too much or too little, depending on your outlook. If there’s one man who has escaped that inferno without even a dusting of charcoal, it is Andy Haldane. That’s no mean feat — the former chief economist of the Bank of England spent 32
Kraken’s chief security officer wants his 400-member team to stay away from social media as he believes their presence on platforms like Twitter and LinkedIn can create security risks for the crypto exchange. Nick Percoco has allowed only a handful of people from his team to publicly confirm their roles and has instructed the rest to work
Morgan Stanley was boosted by its wealth management unit as the ongoing deal drought has taken its toll on Wall Street’s dealmakers. The lender’s wealth management business added net new assets of $282bn in 2023, growing 7%, according to results published on 16 January. Investment banking revenue, meanwhile, tanked from 13% to $4.6bn as deal activity has remained in
Leading figures in the financial sector are shunning Davos this year, as the World Economic Forum fights to compete with a growing number of rival conferences around the world. Bank of England governor Andrew Bailey, Dame Anne Richards of Fidelity International, John Studzinski of Pimco and Hendrik du Toit of Ninety One have all opted
Bank of America has kicked off a closely-watched earnings season for Wall Street’s biggest banks with an overall uptick in investment banking fees. Total investment banking fees at the lender rose 7% to $1.1bn in the final quarter of 2023 compared to the same period last year, holding third place in the league tables. However, the outlook