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It’s a truism that hindsight is 20/20 vision. But those who spot the signals of turning markets are visionaries and those who act on these signals are true geniuses. Second-quarter 2008 compensation expense dropped by 15% compared with a year earlier but net income declined by 300%. Am I the only person w
Published June 2008 euromoney.com
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“If you’re going to call on shareholders, you’d better be first at the feast not last into battle.” Abigail with attitude: Feuding and fiefdoms?
Published May 2008 euromoney.com
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The world is starting to resemble a spinning top: one week the markets soar, the next they sink. Even mighty masters of the universe are confused: hedge funds and banks had a dire month in March. Abigail Hofman
Published April 2008 euromoney.com
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We are engulfed in a tornado of gloom. Wall Street titans and employees alike have seen their share options decimated, pension pots plummet and everyone feels insecure about job security. I’m hearing that investment banks need to cut 20% of their employees to accommodate lower profitability. Abigail Hofman
Published April 2008 euromoney.com
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Credit Suisse’s convoluted saga is a calamity for the banking sector as a whole. People might assume that banks don’t understand the numbers they are dealing with and that the numbers that are reported are not reliable.
Euromoney March 2008
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The credit crunch has been a tornado that has shown no regard for the reputations of formerly revered individuals.
Euromoney February 2008
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Ruling Citi would be like ruling the Forbidden City. There is so much breadth to the institution that it would be hard for any one individual to span the various sectors: investment banking, consumer banking, wealth management and retail brokerage. And as for structure, I’ve had mud baths that are more tra
Euromoney January 2008
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Despite all the jawboning over the past few years about succession planning, banks seem woefully unprepared if they are forced to jettison a flailing chief executive because of cauldron-like shareholder pressure.
Euromoney December 2007
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Euromoney November 2007
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I do expect some tales of woe. I am nervous about UBS and Deutsche and concerned about Merrill.
Euromoney October 2007
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A broken watch shows the correct time twice a day. I have been a high priestess of gloom for at least a year and finally I can straighten my spine and look you in the eye. There were others who felt uneasy. Many senior bankers told me that the risks being taken were unsustainable. However, it was the investm
Euromoney September 2007
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There should be a health warning: hedge funds can cause death. Peter Wuffli, UBS’s former chief executive was assassinated last week. A hedge fund may have contributed to his untimely departure.
Euromoney July 2007
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Has the eagle landed? Last Tuesday, Vino Timmerman, advocate-general to the Dutch Supreme Court, argued that ABN Amro should be allowed to sell its US subsidiary LaSalle to Bank of America without shareholder approval. Although the advocate-general’s opinion is not binding on the Supreme Court, it is gener
Euromoney June 2007
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Last week was an interesting week to be in New York. It was the week of the double Bs and I’m not referring to cup size. Or to put it another way, the week of B-S squared: Blackstone and Bear Stearns.
Euromoney June 2007
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I am crest-fallen. My reputation as someone who reads the runes correctly has been ruined. In an earlier column, I fulminated against the meaningless title vice-chairman.
Euromoney June 2007
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While writing this column I have met many interesting people. I have also met many delightful people. However, I have not met anyone more delightful and interesting than Jean-Pierre Mustier, the chief executive officer of Société Générale’s corporate and investment bank.
Euromoney June 2007
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“It’s like hearing that a distant maiden aunt has died and left you nothing in her will,” a source said acerbically. Source was referring to the departure last week of Danny Palmer, former global head of capital markets at HSBC.
Euromoney June 2007
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This is my 50th Abigail with attitude column.
Euromoney May 2007
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When the journalist becomes the story, it is not ideal. On Friday, I was in Paris to meet the delightful Grégoire Varenne, head of fixed income, currencies and commodities at Société Générale. Around 1pm as I was reading some briefing material, my mobile rang.
Euromoney May 2007
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Hot off the press
Euromoney May 2007
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A fallen hero; a dog’s dinner; up the Swiss; and the fascination of Murdoch.
Euromoney May 2007
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I feel vindicated.
Euromoney April 2007
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“It’s not a question of if Armageddon arrives, but when,” a proprietary trader warned me last week.
Euromoney April 2007
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Paul Wolfowitz, president of the World Bank, must have forgotten rule 1.01 of public life.
Euromoney April 2007
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In today’s disembodied world of text messages and electronic mail, who writes thank you notes for breakfasts?
Euromoney April 2007
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John Varley is dicing with death. History reveals several examples of British banking chiefs who have made bold moves only to fall flat on their noses and into the mud. SG Warburg courted Morgan Stanley and was gobbled up by Swiss Bank Corporation. NatWest bid for the insurance group Legal & General and beca
Euromoney March 2007
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When the bear meets the eagle, can any good come of it? Lehman Brothers has capitulated and is returning to the Russian market. Earlier this month, news leaked that the firm was hiring Nicholas Jordan, co-head of Russian global banking at Deutsche.
Euromoney March 2007
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“That’s a good story,” I said. “Maybe I’ll use it in my column.” “If you use it, I will call your managing director and get you fired”
Euromoney March 2007
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There are many perks to being the chairman or chief executive of a bank: private jets, chauffeur-driven limousines and general genuflection wherever your go. But a crisp white envelope from Christopher Hohn can not be counted among them.
Euromoney February 2007
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Credit Suisse used to be a byword for bad governance. I remember a friend who worked there in the dot-com days joking: “It’s hard to find a jurisdiction where we are not being sued.’’
Euromoney February 2007