Former US Treasury Secretary Robert Rubin is currently chairman of Citigroup's executive committee. He addressed the Knight-Bagehot journalist fellowship earlier this month and was waxing lyrical about the global economy. Rubin is said to have twice referred to Goldman Sachs research, but strangely didn't mention Citigroup. Strange, that is, until you remember that Rubin was once co-chairman of Goldman. Ah, the good old days.
DrKW, up as a nominee for the Financial News 'Most Improved Bank of the Year' award, is on the move. Currently spread out over 5 City sites, the firm will be moving to 30 Gresham Street in early 2006. Firm CEO Andrew Pisker said: 'This is a positive deal at the right time for DrKW. It makes financial sense, will be welcomed by staff in London and will enhance our ability to service clients on an integrated basis'.
HSBC is to be the first major bank to drop 'buy' and 'sell' ratings for its equity research. The bank is to move away from company-specific research and instead focus on global sector themes - macro strategy, global sector/industry and global emerging markets. Although company-specific factors will still be pointed out, the bank will look mainly at the competitive framework that stocks are operating in.
Finally, Macquarie, Australia's largest listed investment bank, has posted first-half earnings up 17% to $219m and the smart money is now on the bank hitting a record profit high for the year. The firm continues to punch above its weight in global investment banking.