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As JPMorgan's losses in credit derivatives are revealed, Euromoney columnist Jon Macaskill reveals just how the CIO division worked and the positions it took - and warns that other houses on Wall Street could try to make their rivals' losses worse.
Euromoney May 2012
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Media coverage of the staff in JPMorgan’s chief investment office turned up nuggets that ranged from the banal (credit derivatives trader Bruno Iksil has a penchant for wearing black jeans) to the comical (London head Achilles Macris had a picture of a missile on his apartment wall, in brave defiance of st
Euromoney May 2012
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UBS chief executive Sergio Ermotti has taken a giant step back in the latest attempt to revive the ailing firm by hiring his former Merrill Lynch colleague Andrea Orcel as co-head of investment banking.
Euromoney April 2012
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As Greg Smith snags a $1.5 million advance for the rights to his memoirs, Euromoney columnist Jon Macaskill imagines what the former equity derivative specialist might reveal about his career at Goldman Sachs.
Euromoney April 2012
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UBS chief executive Sergio Ermotti has taken a giant step back in the latest attempt to revive the ailing firm by hiring his former Merrill Lynch colleague Andrea Orcel as co-head of investment banking.
Published March 2012 euromoney.com
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Euromoney March 2012
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Ronald Reagan once joked that the nine most terrifying words in the English language are: “I’m from the government and I’m here to help.” Wall Street traders tend to share the view that the business of profiting from capital flows works best with minimal interference, but the government in the form o
Euromoney March 2012
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David Einhorn’s £7.2 million ($11.3 million) fine by the UK’s Financial Services Authority for insider trading in Punch Taverns stock should make some hedge fund managers and investment bankers very afraid.
Euromoney February 2012
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When David Einhorn was sanctioned by the UK’s Financial Services Authority at the end of January he was described in one newspaper profile as “self-effacing”, which was an odd phrase for a hedge fund manager who relishes the spotlight, at least by the standards of the industry.
Euromoney February 2012
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More coals were heaped on the head of Johnny Cameron after the details in December’s FSA report on the failure of RBS revealed how little he appeared to understand the mechanics of structured credit when he was head of global banking and markets at the firm.
Euromoney January 2012
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Banks face tough decisions on how hard they should fight to retain sales and trading market share in different sectors, as the great deleveraging drive of 2012 gets under way.
Euromoney January 2012
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Bank of America recently issued a footnoted warning in a regulatory filing about $11.5 billion of additional collateral payments on derivatives it faces because of rating agency downgrades. At the end of September the bank was on the hook for $4.9 billion of extra collateral that it might be required to pay
Euromoney December 2011
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The decision by Congressman Barney Frank not to seek re-election to the US House of Representatives next year could result in an unexpected financial windfall for some employees of Goldman Sachs.
Euromoney December 2011
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MF Global’s spectacular failure could have a knock-on effect on confidence in another mid-sized firm with ambitions to join the investment banking elite: Jefferies.
Euromoney November 2011
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When Richard Moore was leaving Citigroup after two decades at the bank, in roles including global head of foreign exchange, he told colleagues he was considering a career shift to professional poker player.
Euromoney November 2011
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Central bankers seem to have had just about enough of Jamie Dimon’s spittle-flecked rants about the dangers of increased regulation. The JPMorgan chief executive lambasted Federal Reserve chairman Ben Bernanke over the costs of regulation in a public debate in June, then followed up by arguing with Bank of
Euromoney October 2011
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The run on Morgan Stanley’s stock and credit default swaps in the final days of September had alarming similarities to the collapse in confidence in the bank during 2008.
Euromoney October 2011
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Bank of America’s acceptance of Warren Buffett’s extortionate investment terms represented at best as a gimmicky decision to pay for an endorsement and at worst a disregard for the bank’s existing shareholders
Published August 2011 euromoney.com
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Goldman’s bottom-of-the-class second-quarter trading performance has sparked renewed speculation about the succession to chief executive Lloyd Blankfein.
Euromoney August 2011
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The collapse in fixed-income revenues at Goldman Sachs in the second quarter might accelerate the war of succession between rivals for the role of next chief executive.
Euromoney August 2011
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JPMorgan did a fine job in downplaying the significance of its recent payment of $153.6 million to the SEC to settle accusations of fraud over a mortgage-backed CDO squared product from 2007. The SEC had alleged that JPMorgan was negligent in failing to disclose the role that hedge fund Magnetar played in se
Euromoney July 2011
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Growing concern in the US that a Greek default could prove to be Europe’s equivalent of the Lehman Brothers collapse threatens to exacerbate trans-Atlantic tensions and spoil trading prospects for global investment banks.
Euromoney July 2011
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The oil markets generate plenty of accusations about skulduggery, ranging from allegations of bribery surrounding production to speculation about suspicious developments in the timing of physical delivery of supplies. But these have been overshadowed recently by conspiracy theories surrounding trading of bot
Euromoney June 2011
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A couple of extremely well-timed commodity price calls by analysts at Goldman Sachs helped to exacerbate the recent sharp volatility in the asset class and prompted gnashing of teeth at the bank’s rivals.
Euromoney June 2011
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Strong first-quarter results at UBS might have come just in time to prevent the implosion of its bid to regain a spot at the top table of investment banking.
Euromoney May 2011
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Goldman Sachs cut out trading completely in the first quarter – at least that’s what the language of its earnings filing indicates. The bank managed to avoid using the t-word at any point in its earnings announcement, although it mentioned clients 29 times and made 46 references to investment.
Euromoney May 2011
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The strong first-quarter results at UBS might have come just in time to prevent the implosion of its bid to regain a spot at the top table of investment banking.
Published April 2011 euromoney.com
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Goldman Sachs cut out trading completely in the first quarter – at least that’s what the language of its earnings filing indicates.
Published April 2011 euromoney.com
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Morgan Stanley recently unwound credit hedges on monoline insurer MBIA at possibly a big loss. This could hit first-quarter results for the firm’s troubled fixed-income division and compound its reputation as disaster-prone, at least when it comes to credit trading.
Euromoney April 2011
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Euromoney March 2011
