Off the record
Euromoney: What was the reasoning behind the latest reorganization?
Banker: It was designed to bring us closer to our clients under one banner.
Euromoney: So what difference has it made to the investment bank?
Banker: We have seen zero difference to the investment bank. We haven’t changed a lot.
A Citi banker unwittingly reveals the impact, or lack of it, of Vikram Pandit’s latest big reorganization of the bank
"If you gear up 15 times and fund overnight there is no model in the world that is going to be able to solve that"
At least one banker does not subscribe to the view that the meltdown in structured finance was entirely a result of inaccurate modelling
"If someone calls up at 4pm on a Friday and says they have to sell and need a price, is it really fair to say to the rest of the market that this is what that risk is worth?"
An ABS banker chews over the shortcomings of marking to market...
"People were happy to take mark-to-market profits during the bubble but then didn’t want to take mark-to-market losses when it burst"
...while another takes a rather more cynical view
"Being a debt lawyer is quite fun again – you actually get to negotiate some terms!"
It is no surprise that the only happy people in the debt market are... the lawyers
"I’m learning new tricks at the moment. For example, I have to spend the day with our private bankers in Mayfair, so I have hired a poodle and am practising walking it"
One investment bank structurer on his way to explain to the private bank how to market some of their structured products