8chan/8kun QResearch Posts (1)
#3559469 at 2018-10-22 04:48:39 (UTC+1)
Q Research General #4515: Tucker Should Read Some Crumbs Edition
Bank of America's investment banking chief Christian Meissner is departing as firm dips in banking league tables
Christian Meissner, the head of global investment banking at Bank of America Merrill Lynch, is leaving the firm. He joined the firm in 2010 and is set to depart at the end of this year, according to an internal memo. He will be succeeded by Matthew Koder, the bank's president of Asia Pacific.
Christian Meissner is out at Bank of America Merrill Lynch. The company's global investment banking chief has decided to leave the firm at the end of the year, according to an internal memo from COO Tom Montag. "I am very proud of what we have achieved during the last eight years. We have built a tremendous team around the world serving our clients and it's been an honor to have led such a talented group of professionals," Meissner is quoted as saying in the memo. Succeeding Meissner is Matthew Koder, the bank's president of Asia Pacific, who will soon move from Hong Kong to New York to facilitate the transition.
Meissner joined in 2010, a period of turmoil for all of Wall Street, though Bank of America was especially hard hit. He built the firm's investment bank into a top contender, battling the likes of JPMorgan Chase and Goldman Sachs in the annual league tables. The bank's investment banking performance has taken a step back of late, falling from third in 2015 to fourth the past two years on the overall league tables, according to data from industry consultant Coalition. The bank came in fifth in the investment banking league tables through the first half of 2018.
https://www.businessinsider.com/bank-of-america-merrill-lynch-investment-banking-chief-Christian-Meissner-is-out-2018-9
8chan/8kun QRB Posts (1)
#43669 at 2021-04-06 14:13:38 (UTC+1)
QRB General #76: Play Ball?!? Edition
>>43558 pb
Credit Suisse overhauls management as it takes $4.7 billion hit on Archegos
Credit Suisse said on Tuesday it will take a 4.4 billion Swiss franc ($4.7 billion) hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk divisions. The scandal-hit bank now expects to post a loss for the first quarter of around 900 million Swiss francs. It is also suspending its share buyback plans and cutting its dividend by two thirds.
Switzerland's No. 2 bank, which has dumped over $2 billion worth of stock to end exposure to the New York investment fund run by former Tiger Asia manager Bill Hwang, said Chief Risk and Compliance Officer Lara Warner and investment banking head Brian Chin were stepping down following the losses.
The Archegos hit eclipses the bank's 2.7 billion Swiss franc net profit last year, with questions over how its exposure to Hwang became so big remaining unanswered. "The significant loss in our Prime Services business relating to the failure of a US-based hedge fund is unacceptable," Credit Suisse Chief Executive Thomas Gottstein said in a statement. "Serious lessons will be learned."
It is the second major scandal for Credit Suisse in just over a month after the collapse of Greensill Capital, with the bank's shares down by a quarter since March 1. The bank's board has launched an investigation into the Archegos losses and also begun a probe into its $10 billion supply chain funds which invested in bonds issued by Greensill.
Proposed bonuses for executive board members have been scrapped and outgoing chairman Urs Rohner, who has presided over the bank since 2011, will forgo his 1.5 million Swiss franc chair fee for the year. Incoming chairman António Horta-Osório, currently CEO of Britain's Lloyds Bank, is being kept apprised of the investigations, which are being led by a "very senior member" of the board, a source familiar with the matter said.
Credit Suisse shares were up 1.26% at 1025 GMT as the bank said the Archegos loss had overshadowed a "strong" start to the year by its investment bank and wealth management units.
The bank said Christian Meissner, who ran investment banking at Bank of America before joining Credit Suisse last year, would be appointed chief of the investment bank from May 1. Joachim Oechslin will resume on an interim basis the role of chief risk officer, which he held previously until February 2019, while Thomas Grotzer will become interim global head of compliance.
https://www.reuters.com/article/usa-markets-blocktrades-creditsuisse/update-6-credit-suisse-overhauls-management-as-it-takes-4-7-bln-hit-on-archegos-idUSL1N2LY25N
What a GREAT time for Blythe Masters to be joining the BoD!! /s-vote on April 23