Latin America: Boom times for investment banks
EXACTLY A YEAR ago, Merrill Lynch CEO Stan O’Neal asked Jim Quigley to take charge of the bank’s Latin American business. It was both a statement of intent and a recognition that things needed to be shaken up in its Latin American franchise. Quigley is a Merrill Lynch stalwart who has spent his entire career at the bank and is one of its senior executives.
He set about overhauling a global markets and investment banking business that was relatively successful in the region but limited in its scope. The firm’s standing in debt capital markets was well established. In May 2005 it was one of the international advisers on Argentina’s record-breaking restructuring of its defaulted debt. The bank was one of the pioneers of securitizations, subordinated debt and perpetual bond deals. From a geographical standpoint, Merrill Lynch was competitive in...
