Nick reed goldman sachs. HSBC’s Quiet Investment Bank Restructuring: Senior Team Changes and Strategic Shifts

How is HSBC restructuring its investment bank. What key personnel changes have occurred. Why is HSBC making these organizational shifts. How might these changes impact HSBC’s global banking operations.

HSBC’s Discreet Restructuring Amid Global Uncertainty

Despite HSBC’s public commitment to delay most job cuts due to the COVID-19 pandemic, the banking giant has quietly initiated a restructuring of its investment banking division. This strategic move involves key personnel changes and organizational shifts that signal HSBC’s determination to streamline operations and enhance efficiency in challenging times.

Andre Cronje’s Departure: A Sign of Change

One of the most notable changes is the departure of Andre Cronje, the chief operating officer for HSBC’s global markets business. Cronje, who joined HSBC from UBS in 2016, is set to leave on April 24th. His role will not be directly replaced, indicating a potential consolidation of responsibilities within the organization.

Cronje’s Background and Potential Impact

During his tenure at UBS, Cronje managed global cost-cutting initiatives. It’s likely that HSBC had similar expectations for his role. His departure after a relatively short stint may suggest a shift in HSBC’s approach to operational efficiency and cost management.

Nick Reed: The New Operational Leader

In the wake of Cronje’s exit, HSBC has appointed Nick Reed as the new operational leader for global banking and markets. Reed, a veteran with 10 years of experience at HSBC, previously managed the bank’s operations in Bengalaru, India.

Reed’s Responsibilities and Reporting Structure

Reed will be based in London and report directly to Georges Elhedery and Greg Guyett, co-heads of global banking and markets. His role will involve overseeing various operating functions as HSBC continues its strategic review.

Combining Back and Middle Office Operations

HSBC has committed to merging the back and middle office operations of its commercial banking and global banking businesses. This move aligns with the broader trend in the banking industry to streamline operations and reduce costs.

Potential Benefits of Operational Consolidation

• Improved efficiency through shared resources
• Cost reduction by eliminating redundancies
• Enhanced coordination between different banking divisions
• Streamlined processes for better customer service

Mary Macleod’s New Role: Chief of Staff

Another significant change involves Mary Macleod, the former COO for global banking at HSBC. Macleod has been appointed as chief of staff for Greg Guyett following the creation of a new division called ‘Corporate Finance and Investment Banking’.

Macleod’s Potential Influence on Future Restructuring

In her new role, Macleod is likely to play a crucial part in any future restructuring decisions, particularly if HSBC decides to implement layoffs within its banking division. Her experience and insights will be valuable in navigating the complex process of organizational change.

Noel Quinn’s Permanent Appointment and Its Implications

The appointment of Noel Quinn as HSBC’s permanent chief executive in late March 2020 marks a significant milestone. After serving as interim CEO for seven months, Quinn now has the authority to implement his restructuring plan announced in February.

Challenges in Implementing the Restructuring Plan

However, the global economic landscape has changed dramatically due to the COVID-19 pandemic. As Goldman Sachs CEO David Solomon noted, “Every business had a plan for 2020. Whatever your plan was for 2020 it’s now been ripped up.” This new reality poses both challenges and opportunities for Quinn’s leadership.

The Impact of COVID-19 on HSBC’s Strategy

The global pandemic has forced HSBC, like many other financial institutions, to reassess its priorities and strategies. While the bank has committed to delaying most job cuts, the ongoing restructuring of senior leadership suggests that HSBC is still moving forward with its plans, albeit in a more measured and discreet manner.

Balancing Restructuring with Pandemic Response

1. Prioritizing employee safety and well-being
2. Maintaining operational continuity
3. Supporting clients through economic uncertainty
4. Adapting to remote work and digital transformation
5. Preparing for post-pandemic recovery and growth

The Future of HSBC’s Investment Banking Division

As HSBC navigates through these changes, the future of its investment banking division remains a topic of keen interest for industry observers. The restructuring of the senior team, combined with the ongoing global economic challenges, raises several questions about HSBC’s long-term strategy and positioning in the competitive investment banking landscape.

Key Questions for HSBC’s Investment Banking Future

• How will the restructuring impact HSBC’s competitiveness in global markets?
• What new strategies or focus areas might emerge under the revised leadership?
• How will HSBC balance cost-cutting measures with the need for innovation and growth?
• What role will technology and digital transformation play in shaping the division’s future?

As HSBC continues to navigate these changes, industry analysts and competitors will be watching closely to see how these strategic shifts impact the bank’s performance and market position in the coming years.

Comparing HSBC’s Approach to Industry Trends

HSBC’s restructuring efforts can be viewed in the context of broader industry trends. Many global banks are grappling with similar challenges, including low interest rates, increased regulatory scrutiny, and the need for digital transformation. How does HSBC’s approach compare to its peers?

Industry-wide Restructuring Efforts

• Deutsche Bank’s major overhaul and exit from equities trading
• Citigroup’s focus on wealth management and investment banking
• Barclays’ emphasis on its investment banking division
• UBS’s merger of wealth management and investment banking units

HSBC’s strategy appears to be more measured, focusing on internal reorganization and efficiency improvements rather than dramatic shifts in business focus. This approach may provide more stability in the short term but raises questions about long-term competitiveness.

The Role of Technology in HSBC’s Restructuring

As HSBC reshapes its investment banking division, technology is likely to play a crucial role. The appointment of Nick Reed, with his experience in managing operations in Bengalaru, suggests a potential emphasis on leveraging technology and possibly expanding the use of offshore resources.

Potential Areas for Technological Investment

1. Artificial Intelligence and Machine Learning for risk assessment and trading
2. Blockchain technology for secure and efficient transactions
3. Cloud computing for scalable and flexible infrastructure
4. Data analytics for improved client insights and decision-making
5. Cybersecurity enhancements to protect against evolving threats

By strategically investing in these technologies, HSBC could potentially offset some of the challenges posed by restructuring and position itself for future growth in the competitive investment banking landscape.

Client Impact and Relationship Management

As HSBC undergoes this restructuring, a key consideration is how these changes will impact client relationships and services. The creation of the new ‘Corporate Finance and Investment Banking’ division suggests a potential shift in how HSBC approaches its corporate clients.

Potential Changes in Client Services

• More integrated approach to corporate finance and investment banking services
• Streamlined communication channels between clients and HSBC teams
• Potential for more tailored solutions leveraging the bank’s global resources
• Enhanced digital platforms for client interaction and service delivery

HSBC will need to carefully manage these changes to ensure minimal disruption to client relationships while positioning itself to offer enhanced services in the future.

Regulatory Considerations in HSBC’s Restructuring

Any major restructuring in the banking sector must navigate complex regulatory landscapes. HSBC, with its global presence, faces particular challenges in ensuring compliance across multiple jurisdictions while implementing organizational changes.

Key Regulatory Challenges

1. Ensuring compliance with local banking regulations in each market
2. Managing potential conflicts of interest in the new organizational structure
3. Maintaining appropriate risk management frameworks during the transition
4. Addressing any regulatory concerns about job cuts or operational changes
5. Balancing cost-cutting measures with regulatory requirements for capital adequacy and liquidity

HSBC’s approach to these regulatory challenges will be crucial in determining the success of its restructuring efforts and its ability to maintain its global banking operations effectively.

The Role of Corporate Culture in HSBC’s Transformation

As HSBC implements these organizational changes, the bank’s corporate culture will play a significant role in determining the success of the restructuring efforts. The departure of long-standing executives and the appointment of new leaders may signal a shift in HSBC’s corporate ethos.

Potential Cultural Shifts

• Greater emphasis on innovation and technological adaptation
• Increased focus on agility and responsiveness to market changes
• Renewed commitment to ethical banking practices and corporate responsibility
• Emphasis on cross-divisional collaboration and knowledge sharing

Successfully navigating these cultural shifts will be crucial for HSBC as it seeks to position itself as a leader in the evolving global banking landscape.

HSBC’s Global Strategy and Regional Focus

HSBC’s restructuring of its investment banking division raises questions about the bank’s global strategy and regional focus. As a bank with a significant presence in Asia, Europe, and the Americas, how will these changes impact HSBC’s operations and priorities in different regions?

Regional Considerations

1. Potential reallocation of resources between regions
2. Impact on HSBC’s strong position in Asian markets
3. Strategy for growth in competitive North American and European markets
4. Balancing global consistency with local market needs
5. Addressing geopolitical challenges and trade tensions

HSBC’s ability to maintain its global presence while adapting to regional market dynamics will be a key factor in the success of its restructuring efforts.

The Future of Investment Banking at HSBC

As HSBC navigates through these organizational changes and global challenges, the future of its investment banking division remains a subject of intense speculation. The bank’s strategic decisions in the coming months and years will shape its position in the competitive world of global finance.

Key Areas to Watch

• Potential new product offerings or service innovations
• Shifts in focus between different areas of investment banking
• Partnerships or collaborations with fintech companies
• Investments in emerging markets or new financial technologies
• Approaches to talent recruitment and retention in a changing industry

As the global economic landscape continues to evolve, HSBC’s ability to adapt and innovate within its investment banking division will be crucial to its long-term success and competitiveness in the international financial markets.

HSBC quietly restructured the senior team at its investment bank

HSBC has postponed its planned restructuring as a result of COVID-19 and has promised to delay “the vast majority” of its job cuts, but this doesn’t mean that a small minority of senior people aren’t being restructured all the same.

One of them appears to be Andre Cronje, the chief operating officer for HSBC’s global markets business, who is leaving on 24 April. HSBC declined to comment on Cronje’s exit, but a memo seen by eFinancialCareers says he’s ‘decided to seek alternative employment’ and that his role won’t be replaced. 

Cronje’s sojourn at HSBC was short lived: he joined the bank from UBS in 2016 after managing UBS’s cost cutting initiatives globally. It seems likely that something similar was intended for him at HSBC. 

In Cronje’s absence, operational responsibility at HSBC global banking and markets is being given to Nick Reed, a ‘transition leader’ who’s worked for HSBC for 10 years and was most recently running the bank’s operations in Bengalaru, India. Various operating functions for global banking and markets are being made accountable to Reed as HSBC ‘works through the review’ (suggesting that the review is still going ahead). Reed will be based in London and will report to Georges Elhedery and Greg Guyett, who co-head global banking and markets. 

The changes follow HSBC’s commitment to combine the back and middle office for its commercial banking and global banking businesses. 

Insiders say that Mary Macleod, the former COO for global banking at HSBC, has also been given a new role. Macleod becomes chief of staff for Greg Guyett following the creation of a new division called ‘Corporate Finance and Investment Banking.’ If and when HSBC decides to lay off bankers as a result of the restructuring, Macleod is likely to orchestrate the decisions. 

HSBC made Noel Quinn its permanent chief executive in late March. Quinn had been interim chief executive for seven months while HSBC cast about for an external alternative. Now that he’s been handed the permanent role, Quinn is free to restructure HSBC according to the plan he announced in February. But as Goldman Sachs CEO David Solomon noted last week: “Every business had a plan for 2020. Whatever your plan was for 2020 it’s now been ripped up.” The focus for everyone know is simply getting through this year, Solomon said.  

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Instacart Hires Goldman Sachs Tech Banker Nick Giovanni As CFO

• Instacart tapped Nick Giovanni, former Goldman Sachs head of the Global Technology, Media and Telecom Group, to be its CFO.
• At the bank, Giovanni advised tech companies like Airbnb, DoorDash, and Yelp.
• In November, the online grocery delivery platform picked Goldman Sachs to lead its IPO, which could come in 2021 and value the gig-work firm around $30 billion.
• Visit Business Insider’s homepage for more stories.

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A top Goldman Sachs dealmaker is leaving to join the firm’s client Instacart, the online grocery delivery company prepping for an initial public offering. 

Nick Giovanni, who previously served as Goldman’s global head of its technology, media, and telecommunications (TMT) group, is departing to join Instacart, effective January 27.

CNBC first reported the move on Thursday. His last day at Goldman Sachs will be Friday, Insider has confirmed.

Read more: Read the full memo naming the new co-heads of Goldman Sach’s powerhouse tech team as top dealmaker Nick Giovanni exits

In November, Reuters first reported Instacart had selected Goldman Sachs to lead its IPO, which is expected this year. The startup, which is reportedly hoping to go public with a $30 billion valuation, announced Giovanni’s hire via a blog post.

Giovanni “has served as a trusted advisor to Instacart,” the company said in the release. He will replace current CFO Sagar Sanghvi, who was with Instacart for five years.

Giovanni, who worked at Goldman Sachs for 20 years, ran the bank’s TMT group since 2019. That unit has advised a bevy of high-profile tech firms on various transactions and IPOs, including Airbnb, DoorDash, Twitter, Square, Dropbox, Snap, Yelp, Zynga, eBay, Meituan, Baidu, Spotify, and

Slack
.  

See more: 2 of Goldman Sachs’ top tech bankers explain how Biden could impact the listings frenzy and why the IPO roadshow will never be the same

In 2020, it worked on both mergers and IPOs including the largest software IPO of the year — Snowflake — and the largest acquisition of the year — client S&P’s $44 billion all-stock purchase of data firm IHS Markit.

In M&A, Goldman’s TMT group was the industry leader, advising on roughly $275 billion in announced deal volume, outpacing Morgan Stanley ($270 billion), and Bank of America (nearly $264 billion), according to data service Dealogic. On the IPO side, Goldman advised on clients like Snowflake, DoorDash, and AirBnb, all of which raised north of $3 billion from their public market debuts.

Previously, Giovanni served as Goldman’s co-head of global technology investment banking and chief operating officer of TMT. 

At Goldman, Giovanni will be replaced by two investment-banking veterans

Giovanni is replaced by Goldman veterans Sam Britton and Matt Gibson, who will serve as global co-heads of the group, effective immediately.

Britton served as the co-head of mergers and acquisitions for the TMT group, and Gibson was formerly the bank’s co-head of investment-banking services and co-head of the firm’s One Goldman Sachs initiative. Both are partners and have notched more than two decades at Goldman.

The news of the new roles for Britton and Gibson was first announced on Thursday by Dan Dees and Jim Esposito, co-heads of the investment-banking division, in a memo viewed by Insider.

Read more: Goldman Sachs’ Sam Britton expects more ‘dream deals’ like Salesforce-Slack in 2021, and reveals the next hot M&A ideas

Prior to the announcement of his new role, Britton spoke to Insider in December as he looked back on a whirlwind year of M&A activity. From his position, he helped steer M&A within the industry’s leading TMT group, which has consistently outperformed the competition from other advisory units at firms like Morgan Stanley and Bank of America.

In the interview, Britton shared an optimistic forecast for more “dream deals” in the new year.

“This is a business where experience begets more activity,” he said, “and there’s a virtuous cycle there.”

The Cordish Companies – Our Team

Robert Norton is a veteran gaming executive with extensive knowledge of the industry and more than 20 years of hands-on operational experience.

As President of Cordish Gaming Group, Mr. Norton leads the acquisition, planning, development and management operations of The Cordish Companies’ worldwide gaming projects, including the Live! Casino brand in Maryland and Pennsylvania. The Company is currently embarking on major expansion projects at Maryland Live! Casino, in Hanover, MD, to include the addition of the flagship Live! Hotel and event center; and the development of the new Live! Hotel & Casino in the Stadium District in Philadelphia, PA. Mr. Norton is also involved with several other new corporate and international development projects in the pipeline.

Mr. Norton joined The Cordish Companies in 2011, as President and General Manager of Maryland Live! Casino, where he was responsible for one of the largest casino openings in history when Maryland Live! opened to the public in June 2012. Under his leadership, Maryland Live! has consistently ranked as the highest grossing casino in the Mid-Atlantic region. Mr. Norton is still actively involved in all aspects of the property’s operations, including gaming, finance, marketing, human resources, hospitality and information technology. He is committed to maintaining Maryland Live!’s leadership position in the state by creating a world-class casino entertainment experience through innovation, customer service and marketing, with an emphasis on driving revenue.

Mr. Norton has been recognized throughout his career for driving multi-million dollar projects forward, holding top executive positions with the MTR Gaming Group and Isle of Capri Casinos, companies whose combined revenues top $1. 5 billion. His leadership and passion became hallmarks during his tenures at both companies, guiding projects from inception to opening and on to profitability.

From 2009 to 2011, Mr. Norton served as Chief Operating Officer of MTR Gaming Group, Inc., where he was responsible for the strategic direction and management of casino and racetrack facilities in three states and the execution of cost containment measures that saved $15 million annually. Under his leadership, MTR grew the company’s earnings (EBITDA) in each operating year, despite over one billion dollars of new competition entering the market.

Prior to MTR, Mr. Norton held a variety of top executive positions for the Isle of Capri Casinos from 2000 to 2009. As Corporate VP of Operations, he was responsible for the revenue in gaming departments spanning 16 casino resorts. In addition, he was integral in setting the direction relating to the CRM system, as well as gaming technology. Mr. Norton was also a key player with the team that designed and opened four different casinos, as well as numerous expansion projects.

Over the past 15 years, Mr. Norton has been selected to serve on the Advisory Panels of several leading slot manufacturing companies, including Aristocrat, IGT, Bally’s and WMS, lending his expertise to the strategic planning, design and rollout of innovative, state-of-the art slot machines. He has also consulted on system development for the manufacturers, specifically offering insight from a casino floor design and optimal operational perspective. In addition to the advisory panels, Mr. Norton has pioneered the prospectus of internet gaming throughout the United States on behalf of multiple gaming operators.

Mr. Norton serves on the Boards of Directors for the American Gaming Association, the Anne Arundel Local Development Council, the Anne Arundel Community College Foundation, and the Annapolis and Anne Arundel County Chamber of Commerce.

He’s a graduate of University of Nevada, Las Vegas, with a Bachelor of Science in Hotel Administration. He currently resides in Anne Arundel County, MD, with his wife and four children.

London’s big guns line up for Cadbury defense

Three of London’s top rainmakers are set to square up against a superstar of the 1980s merger era if the looming takeover battle between Kraft and Cadbury ignites.

North America’s largest food group has yet to make a formal offer for the British confectioner, but both sides have engaged big name bankers in case battle ensues.

The stakes are high, with Cadbury’s bankers set to share a fee pot of up to $49 million and Kraft’s advisers looking at up to $42 million, according to estimates from Thomson Reuters and U.S. consulting firm Freeman & Co.

In Kraft’s corner is Bruce Wasserstein, the Wall Street veteran who achieved fame as an adviser to buy-out house KKR on its titanic acquisition of RJR Nabisco in 1989, recorded for posterity in the book Barbarians at the Gate.

Wasserstein — chairman and chief executive of investment bank Lazard — is flanked by senior bankers James Agnew and David James from corporate brokers Deutsche Bank and Citigroup.

Cadbury is backed by the trio that ran last year’s demerger of its U.S. soft drinks business Dr Pepper Snapple — Goldman Sachs’ Karen Cook, Simon Robey of Morgan Stanley and Nick Reid of UBS.

City superwoman Cook combines her role as a partner at the bank with raising six children and a non-executive directorship at UK supermarket group Tesco.

She has worked on four deals in the last three-and-a-half years with Roger Carr, chairman of both Cadbury and Britain’s largest gas retailer, Centrica.

LONG-STANDING TEAM

Robey, Morgan Stanley’s co-chair of global M&A, has worked on a string of high-profile deals for the bank, including the defense work that helped UK-listed miner Rio Tinto see off a $66 billion hostile bid from rival BHP Billiton.

Reid is working with his co-head of UK investment banking Tim Waddell and senior M&A banker James Robertson.

This team has been advising Cadbury for over two years. They are used to working together in adverse conditions, said a consumer banker who knows them.

They all have big reputations in London, he added.

Reid and Cook go back further than that, having worked together at Schroders, the UK investment bank that was acquired by Citigroup in 2000, and Goldman Sachs. Reid joined UBS from Goldman in September 2006.

The tactics Cadbury’s bankers have used for other clients offer a glimmer into how an engagement with Kraft might unfold.

They helped salvage Cadbury’s exit from the drinks business with last year’s demerger of Dr Pepper Snapple when private equity firms could no longer afford to buy the assets.

Cadbury’s shares rose sharply after the disposal, the final reversal of the buying binge that had seen the company bulk up to become a global beverages player at the expense of its focus on confectionery.

Cook and Reid have also shown they can extract a good price from buyers. Cook was one of the advisers that helped Cadbury sell its European soft drinks business in February 2006 to Blackstone and Lion Capital for $1. 85 billion.

That was a fairly good price considering trade buyers were wary after the French government blocked Coca-Cola’s acquisition of the business on anti-trust grounds in 1999.

Reid and the UBS contingent also helped underperforming UK brewer Scottish & Newcastle extract two raised offers out of Carlsberg and Heineken before it agreed to sell itself for 7.8 billion pounds in January 2008.

Robey was Rio Tinto’s lead adviser in the determined defense against BHP Billiton. He worked with Rio this year on the canceled $19.2 billion investment from Chinalco.

That was a hard sell to UK shareholders, but a vital lifeline at the height of the credit crisis for a company saddled with $38 billion in debt.

When markets improved, Rio dumped Chinalco in June, opting instead for a $21-billion rights issue and iron ore joint venture with BHP.

Analysts said the final outcome was better for Rio’s credit quality than the Chinalco deal, and praised the level of cost savings and synergies that would be achieved.

(Editing by Sitaraman Shankar)

Meet Goldman’s new class of Managing Directors

Here’s the list:

Goldman Sachs has announced that it has selected a new class of Managing Directors, effective from January 1, 2018, the start of the firm’s next fiscal year.

“Our new Managing Directors have demonstrated an outstanding commitment to our people, clients and culture during their tenures at the firm, and we wish them continued success as they take this important next step in their careers,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs.

The following individuals have been promoted to Managing Director:

Gregg Abramson

Sanjay Acharya

Khalid Albdah

Amal Alibair

Karthikeyan Anbalagan

Rolf Andersson

Volker Anger

Jonathan Armstrong

Ken Ashley

Lavanya Ashok

Sebastian Ayton

Jonathan Babkow

Julio Badi

Amitayush Bahri

Soren Balzer

Robert Barlick Jr.

Philip Barreca

Santiago Bau

David Bauer

Oksana Beard

Lee Becker

Virender Bedi

Stuart Beer

Christian Beerli

Amanda Beisel

Yumiko Bekku

David Bell

Pierre Benichou

Andrew Benito

Marco Bensi

Laura Benson

Stephen Bergin

Daniel Berglund

Greg Berry

Shital Bhatt

Dipanjan Bhattacharjee

Anu Bhavnani

Carissa Biggie

Vineet Birman

Daniel Bitel

Anne Black

Richard Blore

Emmanuel Bodenstein

Timothy Braude

Sean Brenan

Hugh Briscoe

Nathaniel Bristol

Leo Brito

Troy Broderick

Levee Brooks

Eric Brothers

Robert Bruns III

Anthony Bunnell

Meg Burke

Susan Burt

Sean Butkus

Russell Byrne

Edward Byun

Adam Cahill

Alessandro Calace

Cristiano Camargo

Ken Cawley

Swapan Chaddha

Patrick Chamberlain

Richard Chambers

Daphne Chan

Lily Chan

Ben Chance

Ginger Chang

Vikram Chavali

Alex Cheek

Jae Joon Choi

Ken Choi

Paul Choi

David Clark

Denis Cleary

Daniel Cleland-James

Ayanna Clunis

Pamela Codo-Lotti

Jesse Cohen

Paul Coles

Simon Coombes

Jenny Cosco

Philip Coureau

Nathan Cowen

Matthew Cox (Securities)

Shaun Cullinan

Christine D’Agostino

Emile Daher

Hiren Dasani

Russell Day

Pierre De Belen

Merche del Valle

Caitlin DeSantis

Jack Devaney

Thomas Devos

Mats Dewitte

Hristo Dimitrov

Tim Dinsdale

Isabella Disler

Christian Ditullio

Terence Doherty

Yakut Donat

Nicola Dondi

Brian Dong

Jason D’Silva

Stefan Duffner

Jane Dunlevie

Marie Duval

Julien Dyon

Rohini Eapen

Zach Eckler

Sayaka Eda

Jason Eisenstadt

Chris Emmerson

Tiffany Eng

Chendan Esvaran

Erkko Etula

Liz Ewing

Michael Fargher

Matteo Farina

Leigh Farris

Sarah Faulkner

Tom Favia

Brett Feldman

Jennifer Feng

Jon Ferguson

Alex Field

Herbert Filho

Alex Finston

Dean Flanagan

Greg Flynn

Trip Foley

Andrew Ho Kwon Fong

Moran Forman

Michael Fox

Caroline Fraser

Daniel Freckleton

Tim Freeman

Reto Frei

Giles French

Kirsten Frivold

Michael Fu

Rob Fuentes

Kenji Fujimoto

Carrie Gannon

Chantal Garcia

Akhil Garg

Alex Garner

Nick Gelber

Andrew Gent

Gizelle George-Joseph

Andrea Gift

Sean Gilbride

Andreas Glaser

Yong Suan Goh

Sona Gohel

Amir Gold

Jeremy Goldstein

Steven Gonzalez

Jeff Gowen

Adam Greene

Tom Groothaert

Hannes Gsell

Ashwin Gupta

Ali Haji

Ayaz Haji

Robert Hamilton Kelly

Victoria Hampson

Raja Harb

Andy Harding

Ryan Harster

Selma Hassan

Stephen Hawinkels

Jacqueline Haynes

Jason He*

Craig Hempstead

David Herrmann

David Hickey

Thomas Hilger

Mitch Hochberg

Jodi Hochberger

Jane Hodges

Peter Hodgkinson

Dylan Hogarty

Tim Holliday

Naftali Holtz

Amy Hong

Jason Hudes

Earl Hunt

Joseph Hwang

Yoshinori Ide

Kazuya Iketani

Daniel Jackson

Ankit Jain (Risk)

Gaurav Jaitly

Jan Janssen

David Jeria

Alnawaz Jiwa

Kim Johns

Scott Johnson

Elis Jones

Neil Jones

Robert Jones

Philip Joseph

Anand Joshi

Shawn Joshi

Ritu Kalra

Michael Kaprelian

Nadeem Kayani

Alicia Keenan

Neil Kelleher

Tom Kennedy

Aqil Khan

Sarah Kiernan

Daniel Kim

Eugene Kim (IMD)

Jason Kim (GIR)

Sora Kim

Kristy Kinahan

Eugene King

Laura Kirk

Kunal Kishore

Elliot Klapper

Jayee Koffey

Jason Koon

Jennifer Kopylov

Daniel Korich

Ichiro Kosuge

Vladimir Kotlyar

Samuel Krasnik

Katherine Krause

David Kraut

Sergey Kraytman

Nitin Kulkarni

Ram Kulkarni

Dileep Kumar (Securities)

Santosh Kunnakkat

Wendy Kwong

JP Lall

Bill Lambert

David Landman

Yi Larson

Niccolo Laudiero

Nick Laux

David Lee

Phillip Lee

Samuel Lee

Shawn Lee

Michael Leister

David Lerner

Naomi Leslie

Matt Levine

Na Li

Haining Liang

Nancy Licul

Monica Lim

Michelle Ling

Srujan Linga

Philip Linton

Alan Liu

Daniel Liu

Eric Liu

Heiman Lo

Juan Lorenzo

Tian Lu

Wayne Lu

James Lucas

Dennis Luebcke

Martin Luehrmann

John Lynch

Gina Lytle

Leo Ma*

Caesar Maasry

Geoff MacDonald

Robert Magnuson

Toshiyuki Makabe

Mariano Mallol

Geydar Mamedov

Kara Mangone

Donna Mansfield

Ajit Marathe

Gilberto Marcheggiano

James Marchese

Michael Marcus

Joshua Matheus

Ann Mathews

Chris Mathie

Brian McCallion

Graham McClelland

Anne McCosker

Michael Meehan (Compliance)

Taylor Mefford

Neil Mehta

Adam Meister

David Mericle

Vitali Meschoulam

Eric Meyers

Alex Mignotte

Andras Mikite

Christopher Milligan

Rahul Mistry

Mike Mitchell

Neil Moge

Waleed Mohsin

Babak Molavi

Joel Monson

Guy Morgan

James Morris

Antoine Munfa

Aimee Mungovan

Yuji Murata

Dan Murphy

Josh Murray

Brian Musto

Shehzad Nabi

Devarajan Nambakam

Ramanathan Narayanan

Ganapathy Natarajan

Danielle Natoli

Murad Nayal

Karim Nensi

Scott Neu

Dennis Ng

Ken Ng

Benjamin Ngan

Joy Nguyen

Salman Niaz

Anders Nielsen (IMD)

Howard Nifoussi

Jun Niki

Leah Nivison

Laura Noble

James Nolan

Lauren Oakes

Lynn Oberschmidt

Allison O’Connor

John O’Connor

Shunil Ohrie

Damian Ordish

Leke Osinubi

David Ossack

Sathiya Padmanaban

Danielle Pallin

Salvador Pareja

Dalmir Pasini

Clorinda Pasqua

Chris Pawson

Paris Pender

Patrick Perkins

Philippe Perzi

Wendy Peters

Andy Phillips

Flavio Picciotto

Michael Pieck

Sam Pirog

Thomas Plank

Joseph Plotkin

Wade Podlich

Ashish Pokharna

Caitlin Pollak

Charles Pollock

Joe Porter

Travis Potter

Rohit Prabhu

Richard Privorotsky

Andrew Pucher

Jay Rabinowitz

Ankit Raj

Harsha Rajamani

Dmitry Rakhlin

Yasser Rathore

Edoardo Rava

Elizabeth Reed

Alexandre Reinert

Stephen Reinhard

Irfan Rendeci

Christian Resch

Andrew Rhee

Riccardo Riboldi

James Rinsler

Caroline Riskey

Helen Robinson

Mark Rosen

Amit Roy

Joe Ryan

Bernhard Rzymelka

Takehiro Sakuramoto

John Sales

Rob Sarazen

Vineeta Saxena

Dominik Schaefer

Andrea Scott

Majid Sebti

Bipin Sehgal

Arseni Seregin

Irma Sgarz

Paulomi Shah

Shreyas Shah

Sunny Shah

Faisal Shamsee

Daniel Shapiro

Mahesh Sharma

Shripal Sharma

Mai Shin

Romy Shioda

Toshimichi Shirai

Mark Short

Pankauz Shrestha

David Shrimpton

Obaid Siddiqui

Mike Sidorov

Scott Silverglate

Stefani Silverstein

Amy Silverzweig

Jasdeep Singh

Gabriella Skirnick

Michael Sklow

Maxine Sleeper

Michael Slomienski

Michael Sloyer

Nicholas Smith (IBD)

Ruth Smithson

Christine Smyth

Ben Snider

Stacy Sonnenberg

Cleaver Sower

Ro Spaziani

Brian Steele

Johannes Steffens

Duncan Stewart

Stephen Stites

Laurent Storoni

Caroline Styant

Joel Sulkes

Mancy Sun

Winnie Tam

Nachiket Tamhane

Ken Tang

MK Tang

Amish Tanna

Melissa Teng

Ross Tennenbaum

Greg Thompson

Fiona Thomson

Justin Tobe

Jason Tofsky

Brad Tuthill

Masahiro Uchiyama

Nehal Udeshi

Saad Usmani

Meg Vaden

Pramod Vaidyanathan

Adam Van de Berghe

Fred van der Wyck

Suzanne van Staveren

Andrew Vass

Mahesh Vellanki

Kadambari Verma

Christopher Vilburn

Iva Vukina

Heng Vuong

Ketan Vyas

Joe Wall

Jeffrey Wang

Jiantao Wang

Joshua Wang

Lily Wang (Technology)

Sherry Wang

Victoria Ward (Compliance)

Jeff Warren

Noriko Watanabe

Ramey Watkins

Sam Watkins

Heiko Weber

Niki Webster

Scott Weinstein

Ryan Westmacott

James Westwood

Keith Wetzel

Mark Wetzel

James Whittingham

Sabine Wick

Robert Wieser

Devin Wilde

David Wilkins

John Wilkinson

Andrew Williams

Ed Wong (IBD Technology)

Eric Wong (Internal Audit)

Kate Wood

Amanda Wu

Douglas Wu

Joanne Xu

Liang Xu**

Rupam Yadav

Kazushi Yamaguchi

Hubert Yang

Lisa Yang

Basak Yavuz

Zeynep Yenel

David Yu

Brian Zakrocki

Thomas Zeppetella

Yi Zhang*

Adib Zouein

Patrik Zumstein

Piotr Zurawski

Jonathan Zwart

*Employee of Goldman Sachs Gao Hua Securities Company Limited

**Employee of Beijing Gao Hua Securities Company Limited

Source – Goldman Sachs

Mitchells & Butlers turns down new bid

MITCHELLS & Butlers shareholder Standard Life Investments yesterday branded Piedmont’s 230p per share possible offer “insulting” and accused it of destabilising the company, as the firm rejected the approach.

David Cummings, SLI’s head of UK equities, lashed out at Piedmont owner Joe Lewis, claiming his attempt to buy the pub group outright was “wholly unsatisfactory”.

“It is clear that the influence of Piedmont has impeded the board from acting in the interests of all shareholders,” Cummings said in a statement. “This offer is insulting to all other shareholders.”

Analysts also applauded M&B’s decision to reject Piedmont’s possible offer after the board said it “significantly undervalues the company”.

“Such an offer would be derisory,” said a Numis analyst. “To some, it may appear that the sole purpose of Piedmont’s recent and ongoing disruptive behaviour is to enable it to acquire the company on the cheap.”

Barclays Capital analysts said a fair price for M&B would be 360p per share, valuing it at £1.4bn. But they said valuing the shares remains “highly subjective” until other major investors state their position.

“We are concerned that if a concert party is formed, other investors would be left as minority shareholders, potentially being squeezed out of their positions at a discount to our opinion of value,” they said.

The possible Piedmont bid announced on Monday is Lewis’ second approach in less than a month. His initial 224p offer on 29 August was dismissed by M&B’s interim chairman Bob Ivell, interim chief executive Jeremy Blood and finance director Tim Jones, who “would not recommend an offer on such terms”.

MEET THE ADVISERS: UBS INVESTMENT BANK

NICK REID

EMEA JOINT HEAD OF INVESTMENT BANKING

An advisory team from UBS Investment Bank, led by Nick Reid, is advising Mitchells & Butlers (M&B) as Piedmont moves to take full control of the pub chain.

Reid, who joined the Swiss bank five years ago following his departure from Goldman Sachs, was named as the bank’s joint head of investment banking for Europe, Middle East and Africa in March, alongside James Hartop, as part of a reshuffle of its top investment banking team. Reid also led the UBS team working on the Kraft Cadbury deal in 2010.

He is joined on the UBS advisory team for M&B by managing director Jackie Lee and co-head of leisure Nick Bishop.

The legal adviser for M&B is Freshfields Bruckhaus Deringer, led by Christopher Mort. In 2010, Mort co-led the team that advised the leisure group on the disposal of 333 of its non-core pubs, netting £373m from their sale to private equity house TDR Capital.

On the other side of negotiations, PwC is the acting investment adviser for Joe Lewis’s Piedmont as it attempts to convert its 22.8 per cent shareholding into full ownership of M&B.

On the public relations front, M&B is represented by Finsbury, and Piedmont by Maitland.

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American Goldman Sachs was accused of discrimination against women

The reason for the dissatisfaction was the limits set on the Apple Card, according to which you can pay for goods and services of the “apple” corporation. The bank itself denies allegations of gender discrimination

Photo: Justin Live / EPA / TASS

The New York City Department of Financial Services will check Goldman Sachs after reports of gender discrimination in the assignment of credit limits on the Apple Card, writes Bloomberg. Among the dissatisfied was the family of one of the founders of Apple Steve Wozniak.His wife received a credit limit ten times less than his own.

Danish programmer and former race car driver David Hansson was the first to draw attention to the bank’s “discriminatory” policy. His wife’s limit was 20 times less, although her credit history was better.

The @AppleCard is such a fucking sexist program. My wife and I filed joint tax returns, live in a community-property state, and have been married for a long time. Yet Apple’s black box algorithm thinks I deserve 20x the credit limit she does.No appeals work.

– DHH (@dhh) November 7, 2019

It may not be about gender discrimination, but about working with the target audience, says Elman Mehdiyev, President of the National Association of Professional Collection Agencies.

Elman Mehdiyev President of the National Association of Professional Collection Agencies

Goldman Sachs stated that the decision on the loan is made on the basis of the client’s personal ratings and debts. The gender factor is not considered here, the bank noted.

Banks can take into account not only the gender of the client, but also his activity in social networks, says Maxim Osadchiy, head of the analytical department of the Corporate Finance Bank.

Maxim Osadchiy Head of the Analytical Department of the Corporate Finance Bank

Amid the scandal, Goldman Sachs increased the loan to the wife of its main critic David Hansson and did not ask for any documents. Hansson believes that by doing so, the bank confessed to discrimination.

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Mike Wittner

Director, Head of Oil Market Research, Intercontinental Exchange

Mike Wittner is Head of Oil Market Research for Intercontinental Exchange. Mike joined ICE in 2019. He leads a robust research effort to continuously analyze and anticipate changes in oil market structure and fundamentals.Mike and his team support oil sales and business development at ICE in creating new contracts and evolving existing contracts, in order to meet the h …
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Mike Wittner is Head of Oil Market Research for Intercontinental Exchange. Mike joined ICE in 2019. He leads a robust research effort to continuously analyze and anticipate changes in oil market structure and fundamentals.Mike and his team support oil sales and business development at ICE in creating new contracts and evolving existing contracts, in order to meet the hedging, trading, and investment needs of its customers around the world. With more than 25 years of experience in oil market analysis and, before that, 8 years of experience in the geosciences, Mike has extensive knowledge of the global and regional crude oil and refined product markets, geopolitics, and non-fundamental oil market drivers. From 2007-2019, Mike was the Global Head of Oil Research for Société Générale Corporate & Investment Banking, where he was a Managing Director.He was directly responsible for short-term and long-term global oil market analysis and forecasting. Mike was ranked in the top 4 for oil market research in 2009-2019, according to Risk and Energy Risk magazines, including 7 consecutive years at # 1 in 2013-2019. Before that, he held a similar position at Crédit Agricole, as well as senior analytical roles at Koch Supply & Trading, the International Energy Agency, and PIRA Energy Group (now part of S&P Global Platts). Before getting his MBA, Mike worked as a geologist and project manager for an engineering firm and as an analyst at the Central Intelligence Agency.Mike holds a BS in Geology from Cornell University and a MBA in International Business from George Washington University.
Mike is a regular speaker at industry conferences and seminars. His commentaries on oil market developments have been frequently quoted in the international media and he has appeared regularly on broadcast news. Media interviews have included CNBC, Bloomberg TV, CNN, BBC, CBC, Wall Street Journal, Financial Times, New York Times, Economist, Bloomberg Business Week, the wire services, and the energy trade press.Hide

90,000 Huawei will sue US authorities

The company intends to challenge in court an illegal, in their opinion, ban on the use of products by employees of US federal agencies. This was reported on Monday by The New York Times, citing two sources.

According to them, the company will send a claim to the East District Court of Texas, where Huawei’s American headquarters is located.It is noted that such a measure could be aimed at forcing the US government to publicly oppose Huawei. Earlier, the United States has repeatedly expressed concern about the use of equipment by a Chinese company for the introduction of 5G technology by a number of countries.

The US authorities are hindering purchases of Huawei equipment and are pushing for European governments to also refuse to cooperate with the Chinese vendor, claiming that Huawei products can be used for espionage. The PRC rejects Washington’s accusations that Chinese laws require companies to assist in gathering intelligence.

Chuck Robbins, CEO of Cisco, considered one of Huawei’s main competitors in the networking equipment market, is convinced that the United States has no reason to fear Huawei’s dominance in the 5G wireless sector. While Huawei competes successfully in both radio technology and core network equipment, Robbins believes there will be no single dominant manufacturer in the 5G hardware market.

Despite opposition from the United States, Huawei has signed more than 20 contracts for the supply of 5G equipment at the Mobile World Congress 2019 in Barcelona, ​​CNBC reported. One of Washington’s biggest failures, observers say, is an agreement with the United Arab Emirates, according to which Huawei will participate in the construction of a 5G network in the country, together with state-controlled telecommunications company Etisalat.

The US sent a representative delegation to the largest trade show that used the MWC to call again for a boycott of Huawei.

“Threats to US networks are directly related to the security of our allies, just as threats to networks of allies are directly related to the security of our networks,” said Robert Strayer, Deputy Assistant Secretary of State for Cyber ​​Communications and Information Policy.

“Do you want to have a system that could potentially be compromised by the Chinese government, or do you want to use a safe alternative?” Strayer asked the audience, stressing that, according to Chinese law, all local firms are obliged to cooperate with the authorities.

Huawei’s management responded with counter-accusations. During his speech at MWC, Deputy Chairman of the Board of Directors of Huawei Guo Ping pointed out that the fear of the United States to lag behind in technological terms and to lose control of global electronic communications systems is behind Washington’s attacks. The top manager assured that Huawei has never used espionage equipment and will not do so in the future.

Guo Ping stated that America itself was seen spying, even its own corporations.The top manager recalled the US government program called PRISM, which secretly collected information and sent it to the National Security Agency (NSA). Initially, this program was classified as top secret, but it was revealed by ex-NSA officer Edward Snowden, who is still hiding from the United States in Russia.

The United States has not yet provided evidence that Huawei carried out hacker attacks in the United States. The head of one of the largest mobile operators Vodafone, Nick Reed, said that he was not going to take this at its word, and the abandonment of Huawei equipment would critically affect the deployment of 5G networks in the country.“At this stage, I would prefer to work with governments at the national level, making sure our communication is factual,” Reed said during the Barcelona Forum.

European governments are still considering whether to ban Huawei equipment. And in the US, 5G networks will mainly be developed by Ericsson and Nokia.

Now in Canada, the daughter of Huawei CEO Ren Zhenfei Meng Wangzhou, who is also the company’s chief financial officer, is under recognizance not to leave.Meng Wanzhou’s lawyers have sued the Canadian government, border guards and federal police. They claim that Maine was detained, searched and interrogated in violation of her constitutional rights, Reuters reported.

In a civil suit filed with the British Columbia Supreme Court on Friday, Maine’s attorneys argued that the way employees obtained testimony and information from her constituted a serious violation of the Canadian Charter of Rights and Freedoms.

The lawsuit also alleges that CBSA officers deliberately delayed the immediate execution of the arrest warrant and unlawfully detained, searched and interrogated Maine to obtain evidence from her prior to her arrest.The Royal Canadian Mounted Police applied their arrest warrant only three hours after Maine was “illegally” detained at the airport, the lawsuit said.

The lawsuit also states that Maine was ordered to surrender all of her electronic devices, computers and passwords, and that CBSA employees then unlawfully opened and viewed the contents of the seized devices, in violation of her privacy rights. CBSA officers also searched Maine’s luggage in violation of privacy rights, her lawyers said.

Read also: United Arab Emirates will use Huawei equipment despite US pressure

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