Financial News reports that Bear Stearns is merging its debt & equity origination teams in Europe under new regional CEO Michel Peretie.
Two more senior executives are leaving Credit Suisse Asset Management, following a round of redundancies and departures that has seen around 300 personnel leave the unit. Terry Mellish, who manages the UK institutional business, will go at the month end. And Steve Paddon, who heads up institutional sales and relationship management in the US, is off to Investec Asset Management in The Big Apple.
Dresdner Kleinwort, the corporate & investment banking arm of Dresdner Bank, has reported third-quarter profits in at $169m. The firm has also just hired Martin Newson, previously a partner at hedge fund Remus Capital, to lead a new unit in London catering to hedge funds.
The Wall Street Journal reports that employees of Goldman Sachs 'are far and away the most active political givers in the securities industry in the 2006 election cycle'. The staff and related political action committee donated $2.6m this cycle, followed by staff at Morgan Stanley ($1.6m) and UBS ($1.5m).
And Dow Jones Newswires reports that JP Morgan is looking to hire around 10% each year as it beefs up its US private banking operations.
Baltimore Business Journal reports that Legg Mason's downtown offices in Baltimore were evacuated Tuesday, after a gas leak was reported.
Societe Generale posted its third-quarter numbers Thursday. Profits came in up 12% to $1.62bn. The corporate & investment banking unit profits were up 5% to $668m, after higher corporate banking and fixed income revenues. Equity derivative revenues fell 5.9%.
Finally, Bloomberg reports that The London Stock Exchange posted its first-half trading figures this week. Profits came in more than double at $103.1m. Not so good news, however, at The New York Stock Exchange (NYSE), where around 520 jobs will be lost following the merger with electronic trading exchange Archipelago. NYSE CEO John Thain has promised $200m in cost savings by the end of next year. Jefferies, the 10th largest Big Board broker, is said to have fired 9 of its staff and Wachovia is thought last week to have culled two brokers and four clerks, leaving just 12 of its own staff left on the floor.